Request for Tax Exemption for Cheese

The industrial processing of cheese should be exempted from payment of ISC and VAT, so say the Chamber of Industry of Nicaragua (Cadin), which has asked the National Assembly to extend the tax breaks suggested by the Executive.

The Government's proposal is to eliminate the ISC on soft drinks which are milk based and reduce to a minimum payment the percentage of final income tax (IR), on transactions through the agricultural commodity exchanges in excess of 60 million córdobas($ 2.6 million) annually for rice and raw milk.

"This point is beyond the scope of the Law Reform initiative on the Tax Equity Act, as amended (Act 453), sent on Monday by the Presidency of the Republic to the National Assembly", reports La Prensa in its online edition. "Nor was the exemption of 15 percent VAT on raw materials used by companies in the processing of pasteurized and flavoured milk included."

Source: laprensa.com.ni

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