Costa Rica: Minister Calls for Tax RiseFriday, October 3, 2014 The Vice President and the Minister of Finance have insisted that the Assembly adopt a draft law to establish global income and convert the sales tax into value added tax. This December is the date set for the plan to convert to sales tax into value added tax (VAT) and for the first quarter of 2015, the bill on global income. Also in 2015 a draft law will be submitted on the Framework Law on Exemptions. Costa Rica: VAT Increase from 13% to 15%Thursday, November 13, 2014 A bill that the government plans to introduce in the Assembly before the end of year includes transforming the sales tax and into a value added tax and gradually raising the rate from 13% to 15%. This increase should be available within two years in order to "... stabilize the size of the gap between government debt and gross domestic product (GDP) from 2019 and safeguard macroeconomic stability. " Income Tax Law Regulations in ConsultationFriday, April 12, 2019 Until April 26 will be in public consultation the regulations of the Income Tax Law in Costa Rica. From the Ministry of Finance statement: Salvadoran Businessmen Opposed to Income Tax ReformThursday, December 1, 2011 The National Association of Private Enterprise has rejected the government's proposal to increase income tax from 25% to 30%. INCOME TAX: ONE NEW TAX TO SOLVE THE PROBLEM OF EXCESSIVE SPENDING, by ANEP Costa Rica and Germany Eliminate Double TaxationTuesday, January 12, 2016 The Legislative Assembly of Costa Rica has approved an Agreement with the Federal Republic of Germany to avoid double taxation of income and wealth. From a statement issued by the Legislature: Nicaragua: Tax Income Increases 29%Tuesday, November 1, 2011 The increase far exceeds the government's own expectations and is fueled by revenue collected from taxes on income and value-added sales. The total collected in September was $1.17 billion, 29% more than the same period of 2010. El Salvador: Reforms to Income Tax RejectedThursday, November 17, 2011 The private sector has rejected the FMLN’s proposal to reform income tax law. Jorge Daboub, president of the National Association of Private Enterprise (ANEP in Spanish), said the proposal is not based on a deep technical analysis of the subject. The first action that should be performed is to correct the "waste of Salvadorans’ tax dollars." The Pros and Cons of the Tax Reform in GuatemalaThursday, January 26, 2012 The bill provides that no amounts may be deducted from VAT on purchases, and increases the tax base for the payment of income tax. The Guatemalan government’s tax reform law is ready, and contains several new points: employees ability to deduct VAT from annual purchases from their taxes has been eliminated, the tax base has been increased, and the road tax for vehicles has been doubled. Employers Promise to Support Tax Reform BillThursday, January 26, 2012 Cacif, leader of the Guatemalan private sector, said that "we must all do our part" and promised a consensus with the government. The presidents of business chambers of Guatemala met on Wednesday with President Otto Perez and Finance Minister Pavel Centeno, to hear a proposal for tax reform law, and adopted a positive approach to the coming changes. Panamanian Banks Will Pay 50% More TaxesThursday, November 26, 2009 The effective income tax rate paid by banks (known as ISR in Spanish), could increase to somewhere between 14% and 15%. Eduardo Lee, who represents the banking establishment in this negotiation with the State, submitted a proposal in which banks will have to distribute costs proportionally to how much they earn from their domestic and foreign operations. Guatemala: All Pension Funds Will Deduct TaxesFriday, February 4, 2011 According to a Constitutional Court decision, contributions to all pension funds may be deducted from taxes. Before this decision only contributions to pension funds authorized by the Superintendence of Banks were deductible from income tax (ISR). Costa Rica's Tax "Holes"Monday, February 21, 2011 The state loses about $ 2.202 million in taxes, equivalent to 5.8% of the GDP. Weekly publication El Financiero analyzed the main reasons why taxpayers are failing to pay taxes, stressing the evasion of the sales and income taxes. Businessmen Oppose 1.5% Income TaxMonday, February 28, 2011 Businessmen in Costa Rica criticized the proposal which taxes 1.5% of gross income per quarter. According to the proposed fiscal plan, this levy would replace the current partial payments made by companies for income tax, but if at the end of the fiscal year if the amount to be paid in income taxes (profit) is less than 1.5 %, no return may be requested. Panama: Maritime Industry Opposes Tax ReformThursday, June 17, 2010 Shipping companies are against a bill that will add a 1% tax to freight headed to or starting in Panama. Gullermo Márquez, from the Maritime Chamber, stated that applying the Income Tax (ISR) on these freights, “could have a dramatic effect”, making imports and exports more expensive. He demanded the government to maintain the current levy. Uncertainty Surrounds Salvadoran Free ZonesWednesday, February 17, 2010 By 2015, the country must eliminate those benefits granted to companies operating under the Free Zone regime. The country committed to do so at the World Trade Organization, and could face lawsuits by other countries if it does not comply. |
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