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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Nicaragua

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About

Nicaragua

Capital
Official languages
Population 
Currency

ISO 4217

Managua

Spanish

6.5 million

Cordoba

NIO

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Economy

Nicaragua's economy has been steadily improving over the past few years. According to the World Bank, the country's GDP grew by 4.2% in 2019, and is projected to grow by 4.3% in 2020. This growth is largely driven by the country's strong agricultural sector, which accounts for nearly 20% of the country's GDP. Additionally, the tourism sector has been growing rapidly, with the number of international visitors increasing by 8.5% in 2019. This growth has been supported by the government's efforts to improve infrastructure and promote investment in the sector. The country also has a strong manufacturing sector, which accounts for around 15% of the GDP. The government has been working to attract foreign investment in this sector, and has seen some success in recent years. Overall, Nicaragua's economy is showing signs of improvement, and the country is well-positioned to continue its growth in the coming years.

Taxation

In Nicaragua, both individuals and businesses are subject to taxation. 


For individuals, income tax is imposed on a progressive scale ranging from 0% to 30%, depending on the level of income. Individuals are also subject to social security contributions, which are withheld by the employer.


As for businesses, the corporate income tax rate is a flat 30% of net profits. Additionally, there are other taxes such as the value-added tax (VAT), which is levied on most goods and services at a standard rate of 15%. There are also other taxes, such as the tax on assets, the tax on gross income, and the tax on large financial transactions.


Taxpayers are required to file their tax returns by March 31st of the following year, and tax payments are due by April 30th. The tax year in Nicaragua runs from January 1st to December 31st. Taxpayers are also required to make advance tax payments on a quarterly basis throughout the year.

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B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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