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Nicaragua: Retention of Income for Cooperatives

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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.

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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

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