On 30 July 2014, El Salvador's National Assembly approved a reform package amending the tax law. Main changes include:
- The introduction of a minimum corporate income tax of 1% on the value of net assets, which is payable if higher than the income tax due based on net income in a tax period - this applies to companies with annual revenue exceeding USD 150,000, and replaces the alternative minimum tax that was ruled unconstitutional in November 2013
- The introduction of a financial transaction…