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Nicaragua expands taxation of imported goods

Views: 0     Author: Site Editor     Publish Time: 2019-08-16      Origin: Site

Source: China Trade News Network August 16, 2019

This year's tax reform has brought additional revenue of 4.442 billion Cordoba (approximately US$135 million) to the Nicaraguan Ortega government. The Ortega government will impose import duties on 16 products that were originally tax-free. Among them, 13 commodities will be levied a 15% tariff on the price of imported products, 2 commodities will be levied a 10% tariff, and the remaining 1 commodities will be levied a 5% tariff. Involved commodities include canned sardines, soup soup, body deodorant and deodorant, flashlight, toothbrush, plastic gloves, rubber gloves, masks, refined peanut oil, refined olive oil, refined sunflower oil, refined cotton oil, refined cocoa butter , Refined almond oil and refined corn oil.

Nicaragua’s import tariff rates are atBetween 5% and 15%, since 2008 and 2009, the government of the country has implemented different preferential tariff policies for imported goods including the above products. Faced with this year's economic crisis and budget deficits, the Nicaraguan government decided to implement tax reforms and has cancelled the VAT exemption policy for certain commodities, affecting agriculture and animal husbandry and small and medium-sized industrial enterprises. This move will lead to increased import costs, higher commodity prices, and increased inflation risks.

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