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Wed Aug 20, 2014, 07:19 PM

Progressive tax reforms approved in El Salvador

August 13, 2014.

On July 31, El Salvador’s National Legislative Assembly passed a package of tax reforms aimed at shifting the fiscal burden from the nation’s poor majority to the wealthy elite and easing the country’s dependence on international loans to finance important social investment. The bill was approved despite a fierce campaign against it in the nation’s conservative media.

The measures were drafted by the current leftist Farabundo Martí National Liberation Front (FMLN) administration, and passed with the votes of legislators of the FMLN and the conservative Grand National Alliance (GANA) party. The package includes a tax on non-productive properties valued at over $350,000; a minimum 1% tax on companies’ net assets; a tax on financial transactions over $750, with exemptions for remittances sent from families living abroad, cash withdrawals, credit card payments, social security, salary or loan payments; and the elimination of the exemption of newspaper owners from income tax payment ...

More here: http://www.cispes.org/blog/progressive-tax-reforms-approved-el-salvador/

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