Panama: "Flat-Tax" Won't Be Over 30%Monday, November 16, 2009 The tax reform bill includes the creation of a 'flat-tax' scheme, which would come into effect in 2010. This tax will replace the Alternate Income Tax Calculation, lowering the tax burden for individuals and businessmen, argued Dulcidio De La Guardia, finance vice minister. Salvadoran Liquor Industry Demands ReformWednesday, April 28, 2010 The Association of Distillers and Liquor Companies (Asdyl) requested Congress to modify the taxes included in the recently passed tax reform. They argue that since the reform came into effect on January 2010, sales have dropped 45%, causing them to fire 300 workers. New Tax Reform in El SalvadorWednesday, February 9, 2011 The government admitted working on a new tax reform to broaden the income tax and create new taxes. With regards to new property tax, Finance Minister Carlos Caceres said it would be applied for the 2012 and 2013 fiscal year. Guatemalan Businesses Opposed to Tax ReformMonday, November 8, 2010 98.28% of surveyed businessmen opposed increased taxes and a potential tax reform. The survey was conducted by the Chamber of Commerce of Guatemala, and included managers and business owners of the agricultural, commercial, industrial and service sectors. Businessmen Present Alternative to Tax ReformMonday, March 29, 2010 Guatemalan companies proposed the Government to tax cash deposits and increasing Value Added Tax from 12% to 13%. Cacif, the Industry, Commerce, Finance and Agriculture Chamber also proposed taxing the first registration of vehicles. Guatemalan Presidency Presents New Tax Reform ProposalThursday, March 18, 2010 The new initiative removes the levy on mobile telephony, taxes the first registration of a vehicle and modifies the rates for income and solidarity taxes. ISR, the income tax, would be reduced from 31% to a 28% in 2011 and to 25% in 2012 for the voluntary regime, and would increase to 6% in 2011 and 7% in 2012 for the compulsory regime. Salvadoran Businessmen Oppose Higher TaxesThursday, February 10, 2011 Private business leaders spoke out against the creation of new taxes and increasing income tax. "The private sector struggles between uncertainty and anger, after a study by Eurasia ensures that the Salvadoran Government is expected to approve an increase to the ceiling of income tax, a new estate tribute and a security levy," Laprensagrafica.com reports. El Salvador: Tax Burden to 17% by 2014Friday, March 11, 2011 The government's goal is to have a tax burden of 17% by 2014 through economic growth and increased taxes. Currently, the country's tax burden (percentage of revenue compared with the Gross Domestic Product (GDP)) is 14.1%. Panama Passes Tax Reform BillMonday, March 15, 2010 The Congress of Panama passed a tax bill that includes a 2% increase in the tax to consumption. With this new law, the government seeks to increase tax collection in $200 million a year. Additionally, this law modernizes the Fiscal Code, eliminates some taxes and sets the ITBMS tax at 7% (a form of value added tax). Proposal for 27 Changes to Tax Reform in GuatemalaFriday, February 8, 2013 Businessmen and government officials have agreed to amendments to be raised in a new bill amending the Tax Update Act and the Anti-Evasion Act. The Guatemalan government in conjunction with the business association is preparing a bill to be submitted to Congress with the aim of reforming the Tax Update Act and Anti-Evasion Act. Progress on Approval of Tax Reform in Costa RicaFriday, November 18, 2011 After being approved by the Special Commission, the bill has moved on to the legislative plenary discussion. The project aims to reduce the fiscal deficit, which currently stands at 3.2% of gross domestic product, and could be approved by the plenary of the Legislative Assembly before the end of the year. Tax Reform Being Prepared in NicaraguaWednesday, June 20, 2012 The government intends to review current tax exemptions for several productive sectors. With the expressed purpose of broadening the tax base and reviewing existing tax exemptions for various sectors, the Minister of Finance, Ivan Acosta announced that a tax reform bill is being prepared. El Salvador: New Proposal for Tax on Alcoholic BeveragesThursday, August 19, 2010 The government has sent the Assembly a proposal to reform the liquor duties levied on beers, wines and spirits that were approved in December 2009. El Salvador's Treasury Minister, Carlos Cáceres, expects this new proposal to correct errors in the current legislation, which he says is not what was intended. Tax Reforms in Central AmericaMonday, December 7, 2009 2010 will be a difficult year for the region's Treasuries, and tax reforms will be one of the weapons used by governments to fight this crisis. Nicaragua has recently passed a highly controversial fiscal reform. Panama approved tax hikes for companies in the Colón Free Zone, as well as tobacco, casinos and insurance companies. In Guatemala the government proposed a tax reform to increase the tax burden, which includes raising income tax from 5% to 6% and taxing mobile communications. The Salvadoran government intends to raise taxes to alcoholic beverages, tobacco, weapons and ammunition, as well as vehicle registration and commissions at insurance companies. Guatemala: Accountants Also Complaining About Tax ReformWednesday, January 16, 2013 Accountants are pointing out contradictions in terms and procedures imposed by the new rules, finding more than 80 errors in 40 articles. According to an article in S21.com.gt "Representatives from the group of Public Accountants and Auditors Fortaleza Profesional have opposed Agreement 10-2012, in which the Tax Update Law is contained because they consider the tax update contains anomalies." |
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