Nicaragua Tax Reform
A few moments ago was approved in Nicaragua, the Bill for the Tax Reform (in general way). From now forward, parliamentarians are going to discuss the project article by article. We estimate that, with no more delay, this upcoming week the Law will be fully approved, but the possibility of a delay always exists .
Main Modifications:
All though so far, the National Assembly and the Diary of Debates, have not emitted the approved law , the main modifications of the project will be related with a reduction of the amount of exemptions regarding the Valued Added Tax (VAT), in this sense by 2013 this tax will be in a uniform rate of 15%, and will increase the minimum not taxable to the Income Tax of the workers that only work for one employer.
Though, it was mentioned, at some point a reduction of the rate of the Income Tax from 30% to 25% (in order to encourage investment), apparently this was not approved by the parliament.
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