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Honduras Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
9,182,766 (July 2018 est.)GDP (PPP)
$46.3 billion (2017 est.)Historically dependent on the export of bananas and coffee, Honduras has diversified its export base to include apparel and automobile wire harnessing.
GDP growth rate
4.8% (2017 est.)Medium to high, but not sufficient to lift living standards; one bright spot is population growth at 2% per year
GDP (PPP) per capita
$5,600 (2017 est.)Honduras is one of the poorest countries in Latin America, with more than half of the population living in poverty
Local currency
Honduran lempira (HNL)Weak currency that has devalued steadily but slowly (20% in total) since 2012
Financial stability (Public debt)
39.5% of GDP (2017 est.)Medium
Inflation
3.9% (2017 est.)Medium to high
Language
Spanish (official)Low English proficiency (57/100)
Corruption perception index (Source: Transparency International)
132/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
15%The import and sale of beer, other alcoholic beverages, cigarettes, and other tobacco products are subject to 18% sales tax. Exemptions include machinery and equipment, basic grains, pharmaceutical products.
Corporate Tax
25%Other corporate taxes: Minimum tax: 1% for companies with revenues HNL 600 million Solidarity contribution: 5% surtax on all companies on taxable income over HNL 1 million
Duties
0% to 15%Ad valorem import taxes can be as high as 20%. In addition, imports are subject to the sales tax of 15% or 18% that applies to the sum of the cost, insurance, and freight (CIF) value, the ad valorem duty, and the customs fees.
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