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Latin America Investment News on Viva Tropical

Honduran Security Tax Bleeds Economy

Article Summary:

Warnings from Honduran businesses about the potential of loss of capital as a direct result from the enforcement of the country’s controversial tax on banking transactions (Tason), are coming true.

Photo Credit: Tiempo

Original Article Text From Tiempo via Google Translate :

Tason Generates Capital Flight: Entrepreneurs

During the preparation of the Law on the security tax, employers warned the government of consequences that could generate the same, one of which was capital flight and that is happening.

This was expressed by business leaders after President Porfirio Lobo acknowledged that raising the “Tason” had dropped dramatically, and so confirmed members of the technical committee of the trust that will administer the funds. Urtecho Armando, director of the Honduran Council of Private Enterprise (COHEP), said they repeatedly told authorities that many companies would triangulate their payments through regional banks.

“If that is happening, is solely the responsibility of the technicians who did not listen to the presentations made ​​by the private sector at the time,” he said. He also mentioned that in that situation should involve not only employers, but also to the ordinary citizen who is not be compelled to charge more than you can. However, he felt somewhat normal to have a decrease in the uptake of these resources, as the project was not sustainable over time.

Meanwhile, Mario Bustillo, executive director of the Chamber of Commerce and Industry of Tegucigalpa ( CCIT), agreed in stating that at the time of his birth rates recorded international transfers, after clarifying that operations were normal and within the law. When applying such measures discourage taxpayers and always look the way it affects them less, he argued.

However, if considered important to know until the goals are met, it was expected that at least 20 percent of these funds are projected to raise would leave. The leaders gave statements after the launch of the Gift Fair 2012 “Art and Taste” with the aim of publicizing the fact in Honduras.

“Unfortunately raising funds for the security tax has declined”: Wilfredo Cerrato, Minister Finance.

Raise L.1.500 million projected by Tason year, but only 400 million are in the BCH.

Link to Original Article:

From Tiempo

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