More Tax Breaks to be Negotiated

TODAY NICARAGUA – An agreement has been made to postpone until May 25 the effectiveness of various lists of tax breaks for the purchase of raw materials in order to work on a single document and add new products.

At a meeting between representatives of the government and the private sector it was agreed to extend the validity of the lists for tax exemptions in order to negotiate within that period the inclusion of other products and the creation of a single document. It was also agreed to remove fines for importers starting from 1 April.

The president of the Superior Council of Private Enterprise (COSEP), Joseph Adam Aguerri told that “… All lists that were in effect before March 31, are back in force and this includes that the lists incorporate, where applicable, property and goods which besides benefitting from the [breaks on] the selective consumption tax, and Customs Duties on Imports will also benefit from [breaks on] Value Added Tax and are therefore incorporated in the listings, are both Article 274 and Article 127 of the Act 822 or Tax Coalition Act. ”