Thursday 16 September 2021

Nicaragua Eliminates Tax on Colombian Imports

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Nicaragua Eliminates Tax on Colombian Imports

TODAY NICARAGUA – Goods and services imported from the South American country will no longer incur the “patriotic” tax of 35%, which has been levied since 1999.

From a statement issued by the National Assembly, said: “With the unanimous approval this March 7, of the Bill Repealing the law creating the tax on Goods and Services of Colombian origin or provenance, Nicaragua opens the door to boosting investment and improving the business climate between the two countries.

Strengthening trade relations between Nicaragua and Colombia and regional integration, will also be favored with the elimination of the 35% tax on any imported good or service, manufactured and assembled with Colombian origin or provenance.”

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The Nicaragua government introduced the repeal of the tax on February 21 of this year.

This tax was approved in the context of the territorial disputes between Nicaragua and Colombia on any goods and services imported, manufactured and assembled with derivation or origin from Colombia.

The patriotix tax was also levied against Honduras. However, years ago the tax was repealed against the Central American neighbour.

Article originally appeared on Today Nicaragua and is republished here with permission.

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Article originally appeared on Today Nicaragua and is republished here with permission.

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