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Latino Daily News

Thursday November 11, 2010

Honduras Invests in Fiscal Reform

Honduras obtained financing totaling $45.8 million to support the country’s fiscal reform efforts, which seeks to bolster macroeconomic stability and restore sustainable growth by modernizing the tax system and improving state utility revenues.

The resources will be disbursed in two tranches of $22.9 million. The first one will be triggered by the approval of a tax reform designed to boost collection and increase efficiency and equity. The second tranche will be timed with the approval and implementation of regulations pertaining to tax reform.

Honduras will also enact a law against tax evasion. In addition, the government will take steps to raise the revenues of the state-owned electricity and telecommunications company.