- Paying the bills -

Nicaragua: Retention of Income for Cooperatives

639x360_1417739126_pagar-impuestos

TODAY NICARAGUA – As part of the reform to the tax concentration law cooperatives are calling for the elimination of the retention of 1% per month on their gross income and for a special tax rule to be created.

The Concertación Tax Act indicates that cooperatives are free to pay income tax if their gross annual incomes are less than or equal to $1.5 million. However, this same law also states that 1% must be retained per month in advance even if the stated income level is not reached.

- payin the bills -

Ariel Bucardo, president of the National Council of Cooperatives, told Elnuevodiario.com.ni that “… We have come here to raise with the Members of the Economic Commission [the idea that] before approving this reform they thoroughly analyze the problem of cooperatives and we have noted that there should be a special tax regime for this sector. That special regime should eliminate the withholding of 1%, as to do otherwise would mean all cooperatives would be forced to pay, regardless of whether or not their income reaches $1.5 million. ”

Source: elnuevodiario.com.ni

- paying the bills -
- paying the bills -

Related Articles

What is Daniel Ortega looking for in Russia?

TODAY NICARAGUA - "The Nicaraguan delegation has been able to verify...

Covid-19 deaths skyrocket throughout September in Nicaragua

TODAY NICARAGUA - In the past week, a total of 329...

MOST READ

- paying the bills -

Let's Keep This Going!

To be updated with all the latest news and information about Nicaragua and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.