Monday, 23 November 2020

Tax Increase for Non-resident Investors in Nicaragua

TODAY NICARAGUA – With the reform to the law on Tax Concentration non-resident investors in the country will have to pay 15% instead of 10% on income earned from capital.

According to Juan Sebastian Chamorro, executive director of the Nicaraguan Foundation for Economic and Social Development, the new reform “… is a positive thing for the country because it will generate an increase in the collection of such taxes but is a negative blow to natural and legal non residents because the Revenue Department will no longer deduct 10% on capital transfers, but rather 15 %. ”

For his part, José Adán Aguerri, president of the Superior Council of Private Enterprise, told Elnuevodiario.com.ni that “… These are technical situations, the government is seeking a balance, the idea is that taxes wont be left out altogether but that (non-resident) also pay taxes here. It does not represent a higher tax burden for investors. ”

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“… The tax burden carried by domestic firms is higher than the tax burden for companies operating outside of Nicaragua, that’s one of the issues we are trying to balance out. ”

Article first appeared on TodayNicaragua.com

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