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Fiscal Transparency and the Personal Rights of Taxpayers in Honduras (Punta del Este Declaration 2023)
[/vc_column_text][us_separator][vc_column_text] The Punta del Este Declaration is the Latin American Initiative that aims to unleash the potential of transparency and the exchange of information (EOI) in the region to combat tax evasion, corruption and other illicit financial flows (IFFs) and strengthen the mobilization of domestic resources. In this Declaration, the member countries (including Honduras since 2020) acquired the commitment to improve tax transparency in the region by strengthening cooperation and the exchange of information between the different tax administrations and maximizing its use. Among the main agreements adopted are: a) fully and effectively implement international tax transparency standards. (b) Maximize the effective use of information exchanged under international tax transparency standards to address tax evasion, corruption, and other financial crimes, and enhance international tax cooperation to combat practices that contribute to all forms of financial crime; (c) Explore broader use of information provided through tax information exchange channels for other law enforcement purposes, as permitted by the Convention on Mutual Administrative Assistance in Tax Matters and domestic laws, and advance more effective and real-time access to beneficial ownership information throughout Latin America. (d) Among others. Therefore, the reforms being made to the Tax Code through the "Tax Justice Law" project are in line with the commitments adopted, such as the reform of the Tax Administration's access to financial operations carried out by the taxpayer in the financial system, the implementation of the Registry of Final Beneficiaries, etc. In addition, Honduras signed the Convention on Mutual Administrative Assistance in Tax Matters on July 11, 2022, at the OECD headquarters in Paris, France, where its ratification is estimated to be planned for 2023. The objective of this convention is to allow Honduras to access and exchange banking and tax information with more than 146 countries around the world. Therefore, the changes that are intended to be made to domestic regulations are intended to comply with international commitments, however; While it is important to comply with the agreed commitments, it is no less important that Honduras work to guarantee the confidentiality and safeguarding of taxpayer data so that it is not stolen by third parties. For comprehensive advice on the subject, you can contact the following email address: nfugon@lexincorp.com. *Legal Notice: The general information contained in this document is provided for informational purposes only and should not be construed as legal advice on any of the topics discussed. You should not act or refrain from acting based on any content included in this document without seeking legal or professional advice. We disclaim all liability for any actions you take or refrain from taking based on any content in this communication. [/vc_column_text][us_separator][vc_column_text] Written by: Lic. Nicole Fugon [/vc_column_text][/vc_column][/vc_row]
