World Bank Lends $104 million to Honduras

The government will allocate resources to strengthen tax administration and public finances.

Wednesday, December 7, 2011

A press release from The World Bank

Under the budgetary support provided through a US$86 million credit, the government is committed to strengthen the national public safety strategy, deepen the focus on prevention, and development of local efforts. It will include, for instance, the distribution of violence-prevention toolkits in at least 200 schools around the country, as well as the implementation of a comprehensive security plan in at least 10 municipalities in the country’s center, north and east. The Bank will also help build institutional capacities against money laundering and an improved database for crime and violence.

Furthermore, the credit contemplates technical assistance for macroeconomic and fiscal stability. Among its objectives is increasing the number of large taxpayers declaring taxes via the Internet by at least 20 percent.

As part of the Strategy, the Bank’s Board of Directors also approved a second credit to improve public sector performance, worth US$18.2 million. Those funds will help establish, among other goals, a more efficient, effective and transparent public bidding system, increasing the publication of bidding opportunities from 10 to 80 percent.

More on this topic

Treasury Announces Tax Agreements with Municipalities

October 2012

The Ministry of Finance of Costa Rica has signed tax information exchange agreements with 84 municipalities.

The initiative aims to facilitate the location of hidden contributors and to conducting joint controls.

Press Release of the Ministry of Finance:

New agreements Tax Information Exchange ALLOW FOR CONTROL OF TAXPAYERS

France Removes Costa Rica from List of Tax Havens

February 2012

The French government has reported that Costa Rica will no longer appear in its list of states and territories who are non cooperative with regards to taxation.

A statement from the Presidency reads:

- Decision conducive to investment climate in the country.
- New information exchange agreements will be signed in the next few days

Panama and Netherlands Sign Tax Agreement

April 2010

Panama now has also signed double taxation agreements with Italy, Mexico, Belgium and Barbados.

Economy Minister Frank de Lima explained that these agreements are part of the government’s policies to make the financial services sector more competitive.

“This is another step in the process to remove the country from the discriminatory lists maintained by the Organisation for Economic Co-operation and Development (OECD)”, he said.

IDB Loans $200 Million for Salvadoran Tax System

February 2010

The fiscal strengthening program seeks to increase the Salvadoran treasury’s balance and protect those resources earmarked for social programs.

It will be implemented by the Salvadoran Treasury Ministry over the next two years, and is composed of various elements, among them macroeconomic stability, tax reform, greater efficiency in tax and customs management and better use of subsidies.

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