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BUSINESS AND
ECONOMIC OUTLOOK |
Less devaluation registered in first
trimester of 2003
During the first three months of this year, the exchange rate between the
U.S. dollar and the lempira devaluated less than the same period last year.
According to Central Bank figures, the lempira depreciated 1.3 percent from
January to March 2003, less than the 1.7 percent registered in 2002.
In layman's terms, devaluation was 22 cents for the first trimester of 2003,
while last year the amount reached 28 cents. According to a Central Bank
official, it is estimated that the lempira will devaluate between four and
five percent during 2003.
The Central Bank utilizes a Public Adjudication System for foreign exchange
that went into effect in 1994, as a mechanism to assign dollars to economic
agents for them to be able to carry out commercial transactions. According
to the source, government policy will maintain export competitiveness and
avoid excessive volatility of the exchange rate, thus minimizing negative
impact on commerce and investment.
Although the International Monetary Fund has insisted devaluation be
accelerated, the Central Bank has maintained its position to continue it´s
exchange rate policy control. - La Prensa
More taxes, less exemptions
The National Congress approved a new packet of economic measures, oriented
towards generating approximately 3,500 million additional lempiras per year,
on Thursday night.
The bill, that will go into effect in May, was passed by a majority vote of
the parliamentary alliance between the National Party, the Democratic
Christian Party and the ex - Democratic Innovation and Union congressman (UD),
Filiberto Isaula.
The Liberal Party voted against the measures, but this time participated in
the discussion, as did UD congressmen with the purpose of smoothing over
certain aspects.
The new Tax Equality Law essentially widens the contributor base by
including income tax payments to segments of the population that
traditionally were not included. Austerity measures will also be applied to
the public sector, in which 60 percent of the government posts will be
eliminated, as will the expense of gasoline and the use of cellular phones.
A sales tax will be charged for electricity in neighborhoods that consume
more than 300 kilowatts a months. According to technicians of the Secretary
of Finance, this measure will not affect 80 percent of the population.
At the same time, 200 basic consumer products remain tax exempt, while
canned products and other luxury items pay 12 percent sales tax.
Also, the calculation of income tax will take into account bonuses and
expense accounts to persons who earn more than 50,000 lempiras a month. The
fourteenth month bonus will be taxed when the person earns more than 225,000
a year, or an average of 18,000 lempiras a month.
On the other hand, many who were previously tax exempt, non-governmental
organizations (NGOs), private development organizations (OPDs), churches and
other non-profit institutions, will begin paying sales tax as of May, with
the exceptions of activities destined to charity, health and education.
These measures seek to tax persons with high income as a means of
alleviating poverty. The tax equality measures are being established so that
anyone with a reasonable income pays in proportion with earnings. - El
Heraldo
Airlines reduce fares to the United States
Airlines servicing Honduras announced on Thursday that the cost of airline
tickets to any city in the United States would be lowered. The decrease,
said the executives, begins at 100 dollars.
For example, a ticket to Miami that previously cost US$310 will now only
cost US$ 195, 115 dollars less, or a savings of 37 percent. A ticket to New
York City that used to cost US$ 375 will now only be US$249, with similar
savings to other important North American cities.
According to one analyst, this strategy is a result of the grave financial
situation the airlines are facing due to the war the United States is waging
against Iraq. Uncertainty concerning the duration of the war is forcing the
airlines to foster other markets. - El Heraldo
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