El Salvador Tax Reform Bill could hurt detract business
In El Salvador, some reinsurance companies argue that the country won’t be attractive for business if the tax reform bill gets approved.
With this bill they will have to pay 5% income tax, and those reinsurers based on tax havens will be charged with an additional 25%.
The reinsurance companies stated that they are assessing whether they maintain their operations in the country, or if they increase some reinsurance contracts, especially those with variable conditions, which could become more expensive with the tax hike.
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