Tax Collection in Honduras Improves

Under the Agreement and Guidelines, for 2014, Honduran
financial institutions must obtain and exchange from the US
Reportable Accounts the following information: (i) name,
address, and US taxpayer identification number (TIN) of each
specified US person that is an account holder of such account;
(ii) account number; (iii) name and identifying number of the
reporting Honduran financial institution; and, (iv) average
monthly account balance or value during the relevant calendar
year.

For 2015 and subsequent years, the following information
must be obtained and exchanged:

• Custodial account: the total gross amount of interest,
  dividends, and of other income generated with respect to the
  assets held in the account, in each case paid or credited to
  the account during the calendar year;
• Depository account: the total gross amount of interest
  paid or credited to the account during the calendar
  year;
• Any account not described before: the total gross amount
  paid or credited to the account holder during the calendar
  year, for which the reporting Honduran financial institution
  is the obligatory or debtor.

The deadline to report this information to the CNBS is March
31 of each year.

Pre-existing entity accounts that are subject to review
include: accounts with an account balance or value that exceeds
$250,000 as of June 30 2014; and, accounts that do not exceed
$250,000 as of June 30 2014 but the account balance or value of
which exceeds $1 million as of the last day of 2015 or any
subsequent calendar year.

Pre-existing individual accounts not required to be reported
include accounts or depository accounts with a balance or value
that does not exceed $50,000 as of June 30 2014.
By: Patricia A Solórzano http://www.iflr.com http://www.consortiumlegal.com/