Notice from the General Directorate of Revenue (A)
NOTICE FROM THE GENERAL DIRECTORATE OF REVENUE REGARDING THE SUSPENSION OF DEADLINES FOR FILING, PROCESSING, RESOLVING, AND NOTIFYING TAX APPEALS. NOTICESUSPENSION OF DEADLINES FOR TAX APPEALS The General Directorate of Revenue (DGI) informs all taxpayers that, in accordance with Article 7 of the Tax Code, Technical Regulation No. 20-2007, and the communication issued by the […]
Requirements for the Deductibility of Costs and Expenses
Experience shows that when the Tax Administration conducts audits of companies’ Income Tax, the most common adjustments made are to EXPENSES, which consequently increase the taxpayer’s taxable income and result in the payment of higher taxes than those declared and paid. In Nicaragua, the Income Tax (IR) for Economic Activities is 30% of the NET […]
10 Legal Tips for Companies in Times of Crisis
The current context demands that companies exercise greater diligence in managing their operations and maintain order and clarity regarding the legal aspects of those operations. Below is a list of 10 legal tips that companies should consider to minimize contingencies and achieve greater resilience in this time of crisis:
Tax Update – January 11, 2021
Update on the Stamp Tax Article 240 of Law No. 822, the Tax Coordination Law, which was amended by Law No. 987, Law of Reforms and Additions to Law 822, establishes that the Fiscal Stamp Tax (ITF) rate shall be updated annually starting January 1, 2020. The update of the ITF rate shall be calculated […]
Final Beneficial Owner Registration and Update of Basic Information of Commercial Companies (PART 1)
On August 20, 2020, Law No. 1035, “Law of Reform to Law No. 698 ‘General Law of Public Registries’ and to the Commercial Code of the Republic of Nicaragua,” was approved and published on August 25 of the same year in La Gaceta, Official Gazette. Through this reform, the “Registry of Ultimate Beneficial Owners of […]
Law No. 1054 – Signage Law
On December 17, 2020, Law No. 1054, “Signage Law,” was published in La Gaceta, Official Gazette No. 234. This law aims to regulate advertising and publicity carried out through signs located in the municipalities throughout the national territory. Prior to the publication of Law No. 1054, advertising and publicity were regulated for the Municipality of […]
Collective Suspension of the Employment Contract
“The issue of collective suspension of the employment contract takes on special importance in the current reality that our country is experiencing, particularly for companies and workers.” It is a tool that allows for the stability of employment contracts in times of crisis. In this sense, it offers a valuable alternative for companies facing economic, […]
Expense Support
In the previous article, we mentioned that there are four fundamental requirements for expenses to be considered deductible for the purpose of reducing Net Income. These are: The expense must belong to the fiscal period in which it is intended to be deducted. The corresponding withholding at the source must have been made and paid […]
Reform of the Public Registries Law, the Commercial Code, and the Creation of the Registry of Ultimate Beneficial Owners
On August 25, Law No. 1035, “Law of Reform to Law No. 698, General Law of Public Registries and to the Commercial Code of the Republic of Nicaragua,” was published in La Gaceta, Official Gazette. Through this law, the Registry of Ultimate Beneficial Owners of Commercial Companies (hereinafter RBF) is created as a new branch […]
Notice from the General Directorate of Revenue (B)
NOTICE FROM THE GENERAL DIRECTORATE OF REVENUE REGARDING EXTENDED SERVICE HOURS IN INCOME ADMINISTRATIONS NATIONWIDE. NOTICEEXTENDED SERVICE HOURS The General Directorate of Revenue informs taxpayers that the Revenue Administrations nationwide and the Tax Assistance Center (CAT) will be operating normally on March 29, 30, and 31, and on Monday, April 5, 2021, from 8:00 am […]