Taxes
in Central America
Friday, February 3, 2012
The option is open to individuals or corporations who want to declare their fiscal activities for 2011.
"The Ministry of Finance (MoF) is offering taxpayers a new way to declare income tax (ISR in Spanish), which is via the internet and only requires details of the person or company who wishes to access it.
Thursday, February 2, 2012
Business leaders see the government’s tax reform bill as insufficient and analysts suggest including more sectors in order to stimulate economic activity.
The Superior Council of Private Enterprise (COSEP) has stated that the tax reform bill that the government has sent to the National Assembly, was not consulted on with the private sector and they consider it "inadequate", reports El Nuevo Diario on its website.
Wednesday, February 1, 2012
The Macroeconomic Programme 2012-2013, submitted by the BCCR indicates, for 2012, a national economic growth of 3.8% instead of 4% due to non approval of the reform.
A report by Aldesa published in Pulso Bursatil states that:
The Macroeconomic Program 2012-2013, released today by the Central Bank of Costa Rica (BCCR) is closely linked to the tax reform, indicating that in 2012 the economy will grow by 3.8% instead of 4% due to the non-approval of the reform. In addition, the agency notes that, for the same reason, in 2013 it is expected to grow by 3.5% and not 4.5%, as originally planned.
Tuesday, January 31, 2012
A proposal has been made to remove the Value Added Tax on transactions performed in the housing market.
To date, those buying a "used" home pay 12% in tax, which has discouraged the purchase and / or registration of properties.
Tuesday, January 31, 2012
The Nicaraguan dairy industry is calling on lawmakers to exempt cheese processing plants from paying the Selective Consumption Tax (ISC) and VAT on raw materials.
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.
Tuesday, January 31, 2012
With an amendment to the Fiscal Equity Act, the government of Nicaragua has eliminated the tax on milk-based drinks, and limited to 2% tax on rice.
The draft amendment to the Fiscal Equity Law, said the executive, aims to prevent a price rise of milk-based drinks and basic rice in this country and stimulate production.
Monday, January 30, 2012
On Friday January 20th Resolution No. 201-940 was adopted, which extends the deadline for the recognition of tax credit for the purchase of fiscal equipment.
A statement from the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) reads states that “The CCIAP is calling on the corporate sector to apply the tax credit before the deadline.
Friday, January 27, 2012
Congress has restored a higher tax rate on tobacco, one that had been eliminated last year, and has decided to establish special invoices for farmers.
Guatemala's Congress has approved the so-called Anti-Evasion Act II, with 120 votes out of a total of 158, which, among other things, restores the higher tobacco tax rate, abolished in 2011.
Thursday, 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.
Thursday, January 26, 2012
Lawyers and auditors are contending that tax reforms in El Salvador have violated the principle of "those who earn more, pay more" and are preparing legal remedies.
Many companies are preparing to file law suits citing unconstitutionality over some of the amendments to the Law on income tax (ISR) which came into force on January 1st , because they believe that the approved taxes are "confiscatory" and makes them less competitive to the point of having to close down their businesses.
Thursday, 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.
Tuesday, January 24, 2012
Panama is calling for expressions of interest for providing the design and operation of a computer system to control fiscal equipment.
According to a publication in Panamacompra.gob.pa:
Tuesday, January 24, 2012
Among other measures, the bill proposed by the government examines establishing regimes for income tax and eliminating accreditation for VAT returns, a method that has encouraged evasion.
The new Guatemalan government has refined its proposed fiscal law reform, which includes proposals such as removing the accreditation of the VAT tax and setting different levels for the deduction of income tax.
Friday, January 20, 2012
The Superintendency of Tax Administration of Guatemala has reported revenues of Q10 billion ($ 1.27 billion) in 2011, a record in the collection of income tax.
Revenues for the payment of income tax (ISR) totaled about Q10 billion ($ 1.27 billion), in 2011 according to the Superintendency of Tax Administration of Guatemala (SAT).
"The good results obtained by the companies are due to the recovery of the Guatemalan economy, and measures implemented to combat tax evasion by the SAT also helped the collection of income tax (ISR) to exceed Q 10 billion in 2011, an increase of 30 percent compared to the Q7.74 billion ($ 989 million) in 2010 , " published ElPeriodico.com.
Friday, January 20, 2012
The country will charge a single fee of $300 annually to corporations, limited liability companies and other legal persons.
The Ministry of Economy and Finance (MEF) has introduced in the National Assembly a bill that will increase the preferential interest rate on mortgages valued from $80,000 to $120,000, and has also modified the payment of the flat rate tax for corporations and legal individuals, the website PanamaAmerica.com reported.
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