2005News

Tax bill goes to vote on Tuesday

Alfredo Pacheco, the president of the Chamber of Deputies has told reporters that the tax reform bill will go to the full chamber on Tuesday. According to Pacheco, the bill that will go to the floor contains several amendments to the original legislation. Diario Libre says that the proposal that will be presented to the chamber has excluded some basic foodstuffs and consumer goods from the 16% VAT rate, and also contains special language for the tourism sector. Also excluded from the VAT are agricultural supplies. Tourism is supposed to get a deferential VAT tax, but the exact amount was not revealed to the reporters. Marino Collante, the head of the lower house Finance Commission told reporters that the final report will be ready on Friday. Collante emphasized that the conversations between his commission and the government’s economic team have been ongoing, and that many of the government’s suggestions have been integrated into the final package.