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New wealth tax concerns companies in El Salvador

Thursday, May 26, 2011

Mauricio Funes, the president of El Salvador, is confident that a new $60,000 per year wealth tax will not affect the economic recovery.

But private companies and economic analysts claim the reverse will be true. The new tax will have an impact in the short term that will cost jobs, they claim.

In total, the new tax aims to collect $360 million over the next three years.

Original source (in Spanish): El Diario de Hoy