The total collected in September was $1.17 billion, 29% more than the same period of 2010.
"The economist Adolfo Acevedo commented that the growth in tax income continues to exceed the predictions made as part of the Nicaraguan general budget this year, which predicted growth in revenue of 13.8%," reports an article for Laprensa.com.ni.
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Employers indicate that for some companies, the inadequate implementation of an administrative ruling of the Department of Revenue increases costs by 15%.
"Where the provision of services in general and the use or enjoyment of goods is provided by natural or legal persons or an entity, either resident or nonresident, which are not responsible for collecting VAT (IVA in Spanish), the payer of the service shall make a self transfer of the VAT incurred, which constitutes a tax credit under accreditation rules. "
Up to March 2012 the Directorate General of Revenue (DGI in Spanish) in Nicaragua raised to nearly $100 million more than planned.
The DGI had revenues of C $2,328,300,000 million, or $99,472,793.97 in the first quarter, 25% more than planned for in the 2012 budget.
Confidencial.com.ni reports that that according to a detailed review presented by economist Adolfo Acevedo, "if the tax collection ends this year having grown by 22%[more than in 2011], it would reach a total of C $42,634.4 million, an amount that would be C$ 5,023.6 million ($213.8 million) above the figure of C $ 39,946.2 million revenue recorded in the budget, " after the extraordinary collection of 2011 totaled C $3,300 million ($141 million).
The Directorate General of Revenue (DGI) of Nicaragua raised between January and June 2012 some $603 million, which is 21.15% more than in the same period in 2011.
The total revenue collected exceeded the target set in the General Budget of the Republic by 7% .
"According to research by the Strategic Planning Department of the DGI, the gross proceeds obtained shows a tendency to average annual growth of 21 percent when income from the first half of 2012 is compared to the same period last year.
The period for presented audited financial statements and the income declaration (ISR) expires on March 31 for all registered taxpayers.
According to prensalibre.com, "the law, in effect since the start of the year, covers the 2008 fiscal year.
According to Abelardo Medina, head of operations at SAT, there are proposals for reforming these requirements and to required audited statements only from special contributors; however, these were not approved by Congress hence until the modification are approved, the procedure will be applied to all taxpayers (at a rate of 31%)."