The tax burden grew from 13.4% in 2013 to 14% in 2016, both due to the delayed effect of the tax reforms in Honduras and Nicaragua, as well as better management on the part of tax entities in Guatemala and Panama.
From the Regional Economic Report (IER) 2016-2017: Opportunities and challenges for Central America, by the SIECA:
A bill prepared by the Executive and the private sector includes the concept of a single tax and the creation of an administrative court for tax matters.
The bill must now be analyzed and approved by Congress. In addition to regulating exemptions, the new code creates theSuperintendency of Tax and Customsand the Tax Administration Department.
A proposal has been made to include new revenue figures, notify companies via email and to make audit processes simpler.
The bill that the Executive Directorate of Revenue has under public consultation envisages changes in the mechanisms through which requests are received or delivered as well as notices regarding tax payments. Laprensa.hn reports that "...
The project aims to encourage information sharing in order to strengthen measures to prevent money laundering by the drug trade.
Argentina's tax authority (AFIP in Spanish), proposed that a multi-lateral tax information agreement be implemented, which could be adopted by Central American countries and others in Latin America, if it is approved by the Inter-American Tax Administration Center (CIAT in Spanish).
The country known for its canal is making progress toward its objective to sign at least 12 DTA in order to comply with the OECD requirements and come off the organization's list of tax havens.
Signing double taxation agreements (DTAs) has the added benefit that it may make it easier for the countries with which the information sharing agreements are reached to invest in Panama.
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