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Honduras: Tax on Companies Unconstitutional

Article Summary:

The Supreme Court of Honduras has found unconstitutional a tax of 1% leveled against companies with gross receipts greater than $ 500,000. The decree was revoked because confiscatory character of the tax calculation on capital gains and not business. The high court’s decision calls into question the tax collection of over U.S. $ 3 billion.

Original Article Text From Estrategia y Negocios via Google Translate :

Honduras: Decree unconstitutional tax on companies

The Supreme Court said Wednesday unconstitutional a tax of 1% that the government applied to Honduran companies with gross receipts greater than $ 500,000, which reported losses.

The rate was approved last summer by the unicameral Congress, after amending Article 22 of the Tax Equity Act.
The judiciary failed in response to a petition filed in August by the Council of Private Enterprise (COHEP), which represents 58 investment organizations in the country. Cohep executive director, Armando Urtecho, said at a press conference that “never doubt that the Supreme Court would be against our business.”

He said “for entrepreneurs, the decree was revoked because confiscatory character calculated the tax on capital gains and not business.” The high court’s decision calls into question the tax collection this year, the government estimated at over U.S. $ 3,000 million. (Source: AP)

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From Estrategia y Negocios

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