Guatemala: Incentives for Free Zones ExpireThursday, January 29, 2015 The business sector is demanding that the government take action to minimize the impact of the expiry at the end of the year of tax incentives granted to foreign firms in free zones. About 1,300 companies enjoy the benefits granted by the World Trade Organization, which expire on December 31 this year. Two companies have already moved their operations to other countries, according to the Ministry of Economy of Guatemala. Update to Incentive Law for Panama PacificFriday, January 16, 2015 A law has been approved which updates the tax treatment of high-value services and movement of goods from the free zone in Panama Pacific to other countries. From a statement issued by the National Assembly of Panama: Nicaragua: Leasing Law UrgedThursday, August 21, 2014 The agricultural sector is demanding a law that grants tax benefits and allows the use of leasing of machinery and equipment to improve competitiveness. Instead of buying equipment and financing it with a bank, the agriculture sector is calling for a law to be approved to regulate and encourage the use of leasing, as a way to improve productivity by renting equipment and not borrowing to acquire it. El Salvador: Veto of Free Zone Law ReformTuesday, September 24, 2019 Nayib Bukele returned to the Legislative Assembly the reform to the law of Free Zones that granted tax benefits for an additional period of 10 years to companies in the country to increase their investment in 100% with respect to the initially made. On August 29, 2019, the Assembly informed that the Legislative Plenum endorsed the reform to the Law of Industrial and Commercial Free Zones, establishing that the users of these zones would have a term of 10 additional years (before there were five) to continue enjoying total exemption from taxes, which would be applicable once the period established for the regular enjoyment of this benefit expired. Initiative to Regulate Call CentersTuesday, July 17, 2018 The Panamanian government bill proposes eliminating the differentiated tax treatment for this activity's internal and external operations, and establishing a neutral rate of 0% of income tax on the profit generated by these commercial operations. The Minister in charge of Economy and Finance, Eyda Varela de Chinchilla, presented two bills to the National Assembly: one that regulates the activities of call centers for commercial use and another on intangible assets, according to an official statement by the ministerial institution. Exemptions for Electric VehiclesFriday, December 15, 2017 With the law approved by the Legislative Assembly of Costa Rica, electric vehicles are exempt from the general sales tax, the selective consumption tax and the customs value tax. Finally, the Legislative Assembly has approved, in a second debate, the Law on incentives and promotion of electric transport, which aims to encourage the purchase of these types of cars in the country. Tax Incentives to Encourage TourismThursday, November 7, 2019 In Guatemala, Congress is discussing a bill that seeks to increase the arrival of flights to the country through tax incentives for airlines, which would be coupled with the elimination of improper tax charges. On August 14, 2019, the President of the Legislative Branch, Álvaro Arzú Escobar, presented to Congress initiative 5585, which has the support of the International Air Transport Association (IATA), the Latin American and Caribbean Air Transport Association (ALTA) and the Guatemalan Association of Air Lines (AGLA). See full bill. Electricity: Marketing Tax Would be EliminatedThursday, November 28, 2019 The reform proposal to Nicaragua's Energy Stability Law contemplates the elimination of the tax on the purchase and sale of electricity for users who generate their own energy and decide to market their surpluses. On November 21, the Ortega administration sent to the National Assembly the initiative, which seeks to exonerate from the marketing tax, generators who sell their surplus electricity to Disnorte-Dissur. Increasing the Attractiveness of Investing in Panama PacificoThursday, October 30, 2014 The government is promoting a bill that will modernize the tax status of high-value services and the movement of goods from the zone to other countries. From the preamble to the draft submitted to the National Assembly of Panama: Panama: New Rules for Cargo TransportThursday, July 13, 2017 The new law establishes requirements that must be met by companies that provide cargo transportation services and the types of vehicles that can be used, among other things. From the law published in the official newspaper La Gaceta: Costa Rica: Tax Exemptions RevisedFriday, February 27, 2015 As part of a plan to reduce the fiscal deficit, the Finance Ministry is preparing a bill which aims to amend the existing tax exemptions scheme. This project also seeks to create penalties for 1,259 misuse of tax breaks reported by the Technical Services Department up until 2014. It is anticipated that the initiative will be submitted to the Legislature in no more than two weeks. 70% of Tax Exemptions Could be Removed in HondurasTuesday, June 11, 2013 Seeking to overcome the collapse in public finances, a bill proposes the elimination of 70% of the tax exemptions granted by the state. The chairman of the Commission for the Review of Exonerations and Tax Exemptions, Marco Ramiro Lobo, announced that it will present a report to the Government on the management of tax exemptions in the country and they will also submit a bill on exemptions to be sent to the National Congress (NC). Honduras Now Has Fiscal Responsibility LawThursday, April 7, 2016 The National Congress approved in a third and final debate a law that sets limits on the country's fiscal deficit and creates a new governing body for its macro fiscal policy. From a statement issued by the National Congress of Honduras: Panama: Strengthen Penalties Against EvadersWednesday, January 30, 2019 The law that criminalizes tax evasion was approved by the National Assembly when the amount defrauded in a fiscal period of one year is equal to or greater than $300.000. With a majority vote, Project 591, which criminalizes tax evasion in the Criminal Code and is considered a crime resulting from money laundering, was approved in the third debate, informed the Legislative Assembly. Tax Exemptions for Electric Vehicles Comes Into EffectFriday, May 25, 2018 The regulation that grants tax benefits on imports of electric cars has come into force in Costa Rica, and according to agencies it will help final prices to fall between $5 thousand and $10 thousand per unit. The regulation that will allow the entry into force of the law was published in La Gaceta, and will enable electric vehicles that have been held in Costa Rican customs offices to be released. |
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