Taxes
in Central America
Friday, May 18, 2012
Up to March 2012 the Directorate General of Revenue (DGI in Spanish) in Nicaragua raised to nearly $100 million more than planned.
The DGI had revenues of C $2,328,300,000 million, or $99,472,793.97 in the first quarter, 25% more than planned for in the 2012 budget.
Wednesday, May 16, 2012
In Costa Rica, the Ministry of Finance has published a new list of products exempt from the basic VAT of 13%.
The Ministry of Finance has decided to include in the list of exemptions meats such as steaks, ground beef, sirloin tip, brisket, liver and tongue, and others.
Wednesday, May 16, 2012
With COMIECO’s elimination of tariffs on vehicle imports, the First Registration Tax (Iprima in Spanish) on automobiles will be applied.
Sergio de la Torre, The Minister of Economy announced that now "Iprima can come into effect".
The official version, according Prensalibre.com, reads: "The Iprima was created with decree 10-2012, Tax Update Act to replace the import tariffs on vehicles, and the Ministry of Finance argues that the Iprima will eliminate discretion and gives legal certainty in order to define the basis for calculating the tax. "
Wednesday, May 16, 2012
The executive power has formally withdrawn the Law on Tax Breaks and Rationalization of Public Expenditure Control to Strengthen Public Finances, known as "paque-tito" in Spanish.
The initiative had been returned to the Ministry of Finance by the Legislative Budget Committee, which requested more details about which exemptions would be eliminated.
Tuesday, May 15, 2012
The Ministry of Finance in Guatemala has signed agreements to exchange tax information with Norway, Sweden, Finland, Iceland, Denmark, Greenland and the Faroe Islands.
These agreements are aimed at facilitating the exchange of information in order to better control the fiscal responsibilities of individuals and companies in Guatemala and those countries.
Friday, May 11, 2012
The Honduran Council of Private Enterprise is warning about a potential loss of competitiveness for companies investing in the country.
Through its president, Aline Flores, the COHEP (Honduran Council of Private Enterprise) is opposing a new tax package sent to Congress by the government.
Friday, May 11, 2012
The SAT in Guatemala could temporarily suspend for 12 consecutive months companies that do not report any activity on their tax returns.
This action by the Tax Authority was approved by a resolution passed this week by the board of the entity.
"Miguel Gutierrez, superintendent of the SAT, said (...) that prior to deactivation, taxpayers will be notified and given a chance to update or change their operations and will have a period of five days in which to decide," reported Prensalibre.com.
Friday, May 11, 2012
In Guatemala, the justice department has provisionally suspended Article 31 of the Act authorizing the SAT to penalize taxpayers who commit violations of their tax obligations.
The partial unconstitutionality (only against Articles 31 and 50) was requested by the Chamber of Agriculture through its chairman, Otto Kuhsiek, on 9th March. The Bar Association also filed an action before the Constitutional Court in the same vein.
Thursday, May 10, 2012
The country annually loses more than $700 million because of tax evasion, a figure that is $100 million more than the amount from Venezuelan cooperation.
The Institute for Strategic Studies and Public Policy (IEEPP in Spanish), an NGO dedicated to studies of national real estate, has released a report on tax evasion, which concludes that this represents lost income of $714.5 million annually to the accounts.
Tuesday, May 8, 2012
Costa Rica's government has amended a decree issued last week which levies with a tax of 13% products like wheat flour bread, milk and packaged beans .
Besides the aforementioned products, others that remain exempt from the 13% Sales Tax (IV in Spanish) include tinned tuna, with or without vegetables, sausages packed in sealed plastic, and cheese packaged in sealed plastic without any degree of maturation.
Tuesday, May 8, 2012
A tax of 4 cents per cigarette has entered into force in Costa Rica, which was been passed onto consumers by the tobacco companies.
On Monday companies raised the price of a pack of cigarettes by 400 colones ($0.80), thereby passing on the tax of 20 ¢ per cigarette imposed on them under Control of Tobacco Act.
Monday, May 7, 2012
The Tax Authority estimates that during last year, 2011, the amount of evaded payment would have been been about $16 million.
A month after taking office, the head of the Tax Authority (SAT), Miguel Gutierrez, revealed the results of an evaluation of the institution and said that in 2011 there was an evasion of 32.8% of Value Added Tax (VAT).
Monday, May 7, 2012
Lack of clarity in the text of Costa Rica’s law imposing a tax on corporations, is creating ambiguities and difficulties in collection.
The National Registry is experiencing many difficulties in implementing the collection of tax on corporations, because it lacks allocated funds to proceed, and the registry of MSMEs at the Ministry of Economy, Industry and Commerce (MEIC) is not very helpful because of its own shortcomings.
Friday, May 4, 2012
Nicaraguan agriculture businesses are warning the Government that abolishing tax benefits would increase costs in the sector and raise food prices.
In Nicaragua, imports of all raw materials and agricultural inputs for agricultural use are exempt from the 15 percent Value Added Tax (VAT). The government has announced plans to eliminate them.
Friday, May 4, 2012
Ecuador, where Panamanian companies have not been able to operate since 2009, has opposed the government of Panama’s decision to apply retaliatory measures.
Panama's inclusion in Ecuador’s list of tax havens has prevented Panamanian companies from participating as providers of goods or services in Ecuador since 2009, outlines Laestrella.com.pa.
español
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