The tax reform bill initially proposed to tax accrued interest on deposits over $5.000.
"Another modification which worried companies was the addition of Value-Added Tax (13%) to imports of machinery. The government responded with a clause stating that VAT will only come into effect once they define supportive policies for the different industries", reported Diario El Mundo.
Source: elmundo.com.sv
More on this topic
October 2009
If the tax reform is approved, local and foreign deposits would pay 10% income tax.
Financial institutions will be responsible for making retentions to pay the tax. Only deposits with over $5.000 in balance will be taxed.
"The project also states that Salvadorans will have to declare in El Salvador any income they receive on deposits in foreign institutions, even if they have already paid other similar taxes in the country of origin", reports Elsalvador.com.
November 2010
Funes vetoed a legislative decree which removed the obligation of taxpayers with annual salaries exceeding $ 75 thousand a year or property worth more than $ 300 thousand.
In the article by Mirella Cáceres and Liseth Alas from Elsalvador.com, they outlined that "the president based his decision on the fact the measure would limit the actions of the Tax Administration in their fight against tax evasion and tax avoidance and that it would violate articles 1, 3, 86 and 131 of the Constitution."
July 2010
In May 2010 there were 13,523 accounts with balances greater than $125,000, 10% more than in the same month of 2009.
According to data from the Guatemalan banking regulator, these accounts make up 47.5% of all deposits and total $7.2 billion.
Analyst Miguel Gutiérrez comments for pa-digital.com.pa.
March 2012
The two business associations that claim to represent the sector in Costa Rica are at odds over the fate of the $31 million held by the savings insurance fund.
Against the backdrop of a long-standing confrontation between the Costa Rican Banking Association (ABC), established in 1983, and the Chamber of Banking and Financial Institutions (CBF), founded in 1968, over which of the two unions represent the banking sector in Costa Rica, the Bill on Savings Insurance Act is giving rise to discussions that include charges of "unfair union practices."
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