Honduras*
PROFILE CONTENTS
}}
INTRODUCTION2
LEGAL AND REGULATORY
4
TAXATION6
BANKING9
PAYMENT INSTRUMENTS
10
PAYMENT SYSTEMS
12
CASH MANAGEMENT
14
ELECTRONIC BANKING
16
TRADE FINANCE
17
USEFUL CONTACTS
19
* Guides specifically designed for treasury managers offering a detailed picture of the banking and cash management arrangements for an extensive range of locations.
Please note the information is of a general nature only and is subject to change. It does not constitute financial, legal, tax or other professional advice.
Country Profile
HONDURAS
INTRODUCTION
}}
General
Capital/Other major cities:
Area:
Population:
Language:
Currency:
Country telephone code:
Weekend:
National holidays:
Source: www.goodbusinessday.com.
Business hours:
Banking hours:
Tegucigalpa/San Pedro Sula, Choloma, La Ceiba, El Progreso
112,090km2
8.60m
Spanish
Honduran lempira (HNL)
504
Saturday and Sunday
2nd half 2015 — 15 Sep, 28–30 Oct, 25 Dec
2016 — 1 Jan, 24, 25 Mar, 18 Apr, 1 May, 15 Sep, 26–28 Oct, 26 Dec
09:00–12:00 and 13:00–17:00 (Mon–Fri)
08:30/09:00–12:00 and 13:00–16:00/17:00 (Mon–Fri)
Note: some banks open on Saturdays.
Stock exchange:
Bolsa Centroamericana de Valores (BVC)
Government
Legislature
}}Democratic constitutional republic with a unicameral National Congress
(Congreso Nacional).
}}National Congress – 128 members elected to serve four-year terms.
}}The president is elected every four years.
Head of state and political leader
}}Juan Orlando Hernández, president (head of state and government) since
27 January 2014.
Sectoral distribution of GDP (% of GDP)
Agriculture
Industry
Services
14%
28.2%
57.8% (2013 estimate)
Please note that the information contained in this document is of a general nature only and is subject to change whether for economic, political, social or other reasons. It is not intended to be
comprehensive and does not constitute financial, legal, tax or other professional advice on which you should rely. Accordingly if you are planning any business activity in the country or taking, or
refraining from any action on the basis of the information in this document, you must obtain your own independent professional advice.
The materials contained in this document were assembled in February 2015 (unless otherwise dated) and were based on the law enforceable and information available at that time. We make no
representations, warranties or guarantees (express or implied) that the information in this document is complete, accurate or up to date. We will not be liable for any liabilities arising under or in
connection with the use of, or any reliance on, this document or the information contained within it.
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HONDURAS
Economy
2009
2010
2011
2012
2013
Exchange rate* (HNL/USD)**
18.895
18.895
19.048
19.962
19.45
18.86
18.56
18.45
Interest rate (lending rate)** (%)
Unemployment (%)
2014
2015
Q2
Q3
Q4
Year
Q1
20.598
20.970
21.238
21.512
21.118
NA
20.08
20.62
20.58
20.74
20.61
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Consumer inflation*** (%)
+ 5.5
+ 4.7
+ 6.8
+ 5.2
+ 5.2
+ 6.1
+ 6.4
+ 6.2
+ 6.1
+ 3.7
GDP volume growth*** (%)
– 2.4
+ 3.7
+ 3.7
+ 3.3
+ 3.3
NA
NA
NA
NA
NA
GDP (HNL bn)
276
299
334
359
378
–
–
–
NA
–
GDP (USD m)
14,588
15,839
17,555
17,970
18,333
–
–
–
NA
–
GDP per capita (USD)
1,953
2,079
2,256
2,263
2,263
–
–
–
NA
–
BoP (goods/services/income) as % GDP
– 21.9
– 22.5
– 25.9
– 26.8
– 27.3
–
–
–
NA
–
* Market rate. ** Period average. *** Year on year. Sources: IMF, International Financial Statistics, May 2015 and 2014 Yearbook.
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HONDURAS
LEGAL AND REGULATORY
}}
Central bank
}}Established in 1950, the Banco Central de Honduras (BCH) is an autonomous
institution operating in accordance with the Law of the Central Bank of
Honduras and its amendments.
Bank supervision
}}The National Commission for Banks and Securities (CNBS) supervises the
banking sector within Honduras.
Resident/non-resident status
}}A company is considered resident in Honduras if it is incorporated in Honduras
according to the Honduran Commercial Code.
Bank accounts
}}Foreign exchange accounts can be held by residents both domestically and
abroad. Banks may hold these deposits in the form of demand, savings and
fixed-term deposits and may contract foreign currency obligations with
the BCH and other domestic or foreign banks. Banks may hold accounts at
correspondent banks abroad in USD, EUR, CHF, JPY, CNY and GBP.
}}Residents are not permitted to hold domestic currency (HNL) accounts abroad.
Resident domestic currency accounts are not convertible into foreign currency.
}}Non-resident bank accounts are permitted in both foreign and domestic (HNL)
currency. Non-resident domestic currency accounts are not convertible into
foreign currency.
}}Interest can be offered on current accounts.
}}Overdraft facilities are available to residents and non-residents.
Reporting
}}Foreign currency transactions are not required to be reported; however,
purchasers of hard currency at foreign exchange auctions are required to
complete a form stating how the foreign exchange is to be used.
}}There is no balance of payments reporting requirement for companies, as data
is collected through monthly bank reporting.
}}All stock market operations and related transactions must be reported to
the BCH.
Exchange controls
}}Honduras is a member of the Central American Common Market (CACM).
CACM comprises Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.
}}The Honduran lempira (HNL) is Honduras’s official currency.
}}Exchange controls are administered by the BCH.
}}Banks and exchange houses must sell all daily foreign exchange purchases to
the BCH.
}}Banks, exchange houses and individuals participating in auctions must bid
within 7% in either direction of the base price; subsequent bids must not be
greater than 1% of the average base price. The base price is calculated weekly
by the BCH.
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HONDURAS
}}Export proceeds from countries other than Honduras’s fellow CACM member
countries are required to be surrendered to banks or exchange houses within
20–85 days.
}}Exporters are permitted to keep as much as 30% of their foreign exchange
proceeds in order to finance their imports and fund their obligations abroad.
}}Loans from domestic commercial banks to non-residents, excluding loans
designated for investment in Honduras, require prior approval from the BCH.
}}Inward investment is accepted in all sectors apart from defence-related
industries.
}}Approval is required for foreign investment in companies manufacturing
hazardous materials.
Anti-money laundering/counter-terrorist financing
Supplied by BCL Burton Copeland (www.bcl.com). Data as at January 2015.
}}Honduras has implemented anti-money laundering legislation (Law No 27
of 1998; the Decree No 45 of 2002, as amended; Decree No 129 of 2004, the
Financial Systems Law; and Decree No 23 of 2008).
}}Honduras is a member of the Caribbean Financial Action Task Force (CFATF)
and the Organisation of American States/Inter-American Drug Abuse Control
Commission (OAS/CICAD).
}}Honduras has established a financial intelligence unit, the Unidad de
Informacion Financiera (UIF), which is a member of the Egmont group. The UIF
is an entity within the National Commission for Banks and Securities.
}}Account opening procedures require the formal identification of the customer;
if the customer is a legal entity this includes the legal structure and the nature
of the business.
}}Banks must identify all customers and depositors regardless of the amount of
the deposits. They must also keep adequate records.
}}Financial institutions in the broadest sense are required to report suspicious or
unusual transactions to the UIF.
}}All financial institutions have to report currency transactions above USD 10,000
(dollar accounts) or HNL 180,000 (local currency accounts) to the UIF.
}}Individuals entering or leaving the country must declare cash and/or monetary
instruments in their possession if the amount exceeds USD 10,000.
}}Financial institutions must maintain a register of reported transactions for a
minimum of five years.
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HONDURAS
TAXATION
}}
All tax information supplied by Deloitte Touche Tohmatsu (www.deloitte.com) and Deloitte Highlight, 2015.
Resident/non-resident
}}A company is considered resident in Honduras if it is legally incorporated
according to the Honduran Commercial Code. In practice, the most commonly
used entities are corporations (sociedad anonima) and limited liability
companies (sociedad de responsabilidad limitada).
}}A permanent establishment in Honduras of a foreign company is a resident
taxpayer because it will have received Honduran domicile when the Ministry of
Commerce and Industry authorised its request from the company to undertake
business activities in Honduras.
Tax authority
}}Direccion Ejecutiva de Ingresos (Executive Directorate of Revenue).
Tax year/filing
}}The tax year generally corresponds to the calendar year, but a different
accounting year may be authorised by the Honduran tax authorities.
}}The annual return must be filed and tax paid within the first four months of the
year following the tax year.
}}Three advance payments may be made during the tax year (in June, September
and December), with any balance due paid before 30 April of the year following
the tax year.
}}Excess tax paid is credited against the next fiscal period’s tax liability.
}}Consolidated returns are not permitted; each company must file a
separate return.
Corporate taxation
}}Resident companies are subject to taxation on their worldwide income.
}}Non-resident companies are taxed on all income derived through activities
in Honduras.
}}The corporate income tax rate is 25%.
}}A 5% solidarity contribution is levied on net taxable income above
HNL 1 million, in addition to the corporate income tax.
}}A minimum income tax is levied on a taxpayer that has operating losses in
the past five years and whose gross income in the past year is HNL 100,000
or more. The tax is 1% of the taxpayer’s gross income. Certain taxpayers
are exempt from the minimum tax (e.g. companies in the first five years of
operation, entities with tax losses arising from natural disasters, etc.).
}}Legal entities and individuals resident in Honduras must pay 1.5% of gross
income equal to or in excess of HNL 10 million when the tax that otherwise
would apply is lower than 1.5% of reported revenue. The rate is reduced to
0.75% for individuals or legal entities that produce or market the following
products or services: production and distribution of cement; public services
provided by state-owned entities; pharmaceutical products marketed for
human use, at the level of producer or importer; and the bakery industry.
}}Generally losses may not be carried forward or back. However, tax losses for
mining, manufacturing, agribusiness and tourist companies can be carried
forward three years.
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HONDURAS
Financial instruments
}}There are no specific tax rules for financial instruments.
Interest and financing costs
}}Interest and other financing costs may be disallowed when paid to companies
that are directly or indirectly related. The law presumes that they are dividends,
which are not deductible, and are subject to a 10% withholding tax.
Foreign exchange
}}There are no specific tax rules for foreign exchange differences.
Advance tax ruling availability
}}Advance tax rulings are not available in Honduras.
Capital gains tax
}}Capital gains are taxed as ordinary income at a rate of 10%.
}}Generally, capital losses are not deductible.
Property taxes
}}Municipalities levy an annual property tax based on the declared value of the
property.
}}Tax on rural property ranges from HNL 1.50 to HNL 2.5 per 1000, while the tax
on urban property ranges from HNL 1.50 to HNL 5.0 per 1000.
}}Transfers of real estate are taxed at 1.5% of the transfer price, depending on the
type of property.
Withholding tax (subject to tax treaties)
Payments to:
Interest
Dividends
Royalties/fees
Resident companies
10%
10%
None
Non-resident companies
10%
10%
25%
}}Interest derived from securities and deposits with financial institutions paid to
residents is subject to withholding tax at a rate of 10%. Interest from commercial
transactions paid to non-residents is subject to withholding tax of 10%.
}}Mining royalties are subject to withholding tax at a rate of 25%.
}}Royalties on intellectual property are subject to withholding tax at a rate of 10%.
}}Withholding tax at varying rates applies to Honduran-sourced income
generated from motion pictures, entertainment and insurance premiums paid
to non-residents.
Tax treaties/tax information exchange agreements (TIEAs)
}}Honduras has no double taxation treaties with other countries.
}}Honduras has signed a TIEA with the USA.
Thin capitalisation
}}There are no thin capitalisation rules per se, but payments to residents are
deductible only if the taxpayer can demonstrate that a service was performed.
Transfer pricing
}}Transfer pricing rules became effective in 2014.
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HONDURAS
Stamp duty
}}There is no stamp duty.
Cash pooling
}}Honduras has no specific tax rules for cash pooling arrangements.
General sales taxes/excise (incl. financial services)
}}A general sales tax of 15% is levied on goods and services.
}}Farm produce, basic foods and pharmaceuticals are exempt.
}}Restaurant and hotel services are taxed at 15%. Alcohol and tobacco at 18%.
}}First class air tickets are subject to an 18% sales tax.
}}There are excise taxes for luxury goods and motor cars, at a general rate of
10–60% depending on the value.
Municipal business licences
}}Companies pay their municipalities monthly a business tax based on their sales
at various rates.
Net assets tax
}}Businesses are subject to a 1% tax on their net worth.
Financial transactions/banking services tax
}}Section 5 of the Law on Income Tax contains rules on withholding taxes. It
states that if any bank services charged to a Honduran entity are due to be paid
to a non-resident entity, this payment is subject to a 10% withholding tax.
}}There is a temporary security contribution on financial transactions of 0.2%
withhold tax.
Payroll and social security taxes
}}There is a payroll tax of 1% of salary contribution to the National Institute
of Training.
}}Employers are required to contribute 7.2% of salaries towards state welfare.
}}Employees must contribute 3.5% of salary earned.
}}Employers are responsible for the collection of employee contributions.
}}The salary subject to this tax is capped at HNL 7000 per month.
}}Companies with more than ten employees pay 1.5% of their wage bill to the
Private Contribution Regime.
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HONDURAS
BANKING
}}
Major banks
Total assets (USD millions)
30 November 2014
Bank
Banco Ficohsa
3,185
Banco Atlántida
3,058
Banco de Occidente
2,474
Banco de América Central Honduras
2,437
Banco del País
1,590
Sources: Comisión Nacional de Bancas y Seguros and
www.accuity.com, February 2015.
Overview
}}There are 17 privately owned commercial banks, one state-owned bank
(Banco Nacional de Desarollo Agrícola – Banadesa) and ten finance companies
operating in Honduras. In addition, there are two representative offices of
foreign banks (El Salvador’s Banco Agrícola and Laad Americas).
}}The four leading Honduran banks currently control approximately 63% of the
commercial banking sector’s total assets.
}}Foreign banks, including Citigroup (Banco de Honduras), Panama’s BAC
International Bank (BAC Honduras), Colombia’s Banco Davivienda, Germany’s
ProCredit Group and Mexico’s Banco Azteca, play an active and prominent role
in Honduras.
}}In July 2014, Banco Ficohsa completed its acquisition of Citigroup’s Honduran
retail banking (Banco Citibank de Honduras) and credit card (Cititarjetas
de Honduras) units. The entity was renamed Banco Ficohsa CB. The merger
between Banco Ficohsa and Banco Ficohsa CB was completed during the first
half of 2015. The deal did not include Citigroup’s local corporate banking unit
Banco de Honduras.
}}There are ten foreign-owned or foreign-controlled banks operating in
Honduras. Foreign banks control approximately 40% of the banking sector’s
total assets.
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HONDURAS
PAYMENT INSTRUMENTS
}}
Thousands of transactions
2012
2013
% change
2013/2012
6,103
5,525
ACH credit transfers (HNL)
702
ACH credit transfers (USD)
22
Payment statistics
Cheques (HNL and USD)
Traffic (USD millions)*
2012
2013
% change
2013/2012
– 9.5
23,224
18,226
– 21.5
1,216
73.2
6,823
8,710
27.7
42
90.9
727
1,227
68.8
* HNL 18.895 per USD 1 as at December 2012; HNL 20.595 per USD 1 as at December 2013. Source: Banco Central de Honduras.
Cash
}}Cash is an important payment medium in Honduras, particularly for low‑value
commercial transactions. The USD is commonly used for high-value transactions.
Credit transfers
}}Credit transfers are used for both high-value and low-value payment
transactions. Credit transfers can be paper-based or automated.
}}High-value interbank transfers are cleared and settled through the BCH-TR,
Honduras’s national RTGS system, in real time.
}}Low-value interbank electronic credit transfers are processed through ACH
Pronto on a same-day basis. ACH Pronto processes both HNL and
USD-denominated credit transfers.
}}In 2013, 1.258 million credit transfers were processed via ACH Pronto with a
total value of USD 9.9 billion.
Direct debits
}}There is currently no interbank system for direct debits in Honduras. Direct
debits are only possible if the originator and receiver have accounts with the
same bank.
}}Consumers frequently elect to have their credit cards charged as a way to make
regular consumer payments such as utility, tax and insurance bills.
}}The BCH is currently reviewing the expansion of ACH Pronto to include
ACH debits.
Cheques
}}The cheque is the dominant cashless payment instrument in Honduras in terms
of both volume and value, and is particularly used for commercial transactions.
However, cheque usage is in decline due to the increasing preference for
electronic payments for both high-value and low-value transactions.
}}Cheques can be denominated in HNL or USD.
}}All cheques in Honduras are transmitted and cleared electronically through the
CCECH. Funds are typically available to beneficiaries on T+1.
Card payments
}}The use of payment cards in Honduras has increased rapidly in recent years.
}}There were 834,131 credit cards and 2,632,611 debit cards in circulation in
Honduras at the end of October 2014.
}}Visa and MasterCard are the principal credit card brands issued in Honduras.
}}There are more than 800 ATMs in Honduras.
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HONDURAS
}}Banet, BanRed 24, Red Interactiva, Unibanc and Red Total are the main ATM
networks in Honduras. The networks are interoperable.
}}Electronic money schemes are available in Honduras.
Other payments
}}Remittances from Hondurans living and working abroad are an important
source of income in Honduras. In 2014, remittances from abroad increased
by 11.2% on 2013 figures, to USD 3.44 billion. Most remittance payments are
routed through international remittance services such as MoneyGram.
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HONDURAS
PAYMENT SYSTEMS
}}
Type
}}BCH-TR (Banco Central de Honduras en Tiempo Real), Honduras’s real-time
gross settlement (RTGS) system, is owned and operated by the BCH.
}}ACH Pronto (Cámara de Compensación de Transacciones Electrónicas de Pago),
is Honduras’s automated clearing house for low-value interbank electronic
credit transfers. ACH Pronto is operated by Ceproban, a dedicated subsidiary
of the Honduran Banking Association, on behalf of the BCH. The file structures
and messages were developed in accordance with the operating rules and
regulations of the National Automated Clearing House (NACHA) in the USA.
}}CCECH (Cámara de Compensación Electrónica de Cheques) is operated
by Ceproban on behalf of the BCH. Cheques are cleared electronically and
multilateral net settlement takes place in participants’ accounts at the BCH.
Funds are generally available to beneficiaries on T+1.
Participants
}}There are 32 participants in the BCH-TR.
}}There are 19 participants in ACH Pronto, including the commercial banks, the
BCH and Banadesa.
}}All commercial banks and Banadesa participate in the CCECH.
Transaction types processed
}}The BCH-TR system processes high-value and urgent interbank funds transfers
and funds transfers between government entitites denominated in both HNL
and USD. In addition, the BCH-TR effects the final net settlement of participants’
net balances originating from the country’s other clearing houses.
}}ACH Pronto processes low-value, HNL- and USD-denominated interbank
credit transfers. The maximum value limit is USD 10,000 (or the equivalent in
domestic currency) for credit transfers.
}}The CCECH processes and electronically clears all cheques. Cheques can be
denominated in HNL or USD.
Operating hours
}}The BCH-TR operates from 08:30 to 21:00 CST (Central Standard Time).
}}ACH Pronto and the CCECH operate throughout the day. Participants must
observe the specific input and processing deadlines established by Ceproban
and the BCH.
Clearing cycle details
BCH-TR
}}08:30 CST: opening of the BCH-TR system.
}}16:00 CST: cut-off time for funds transfers.
}}21:00 CST: close of the BCH-TR system.
ACH Pronto
}}Up to 16:00 T+0: banks transmit electronic files to Ceproban with ACH credit
instructions up to three times a day before 12:00, 14:00 and 16:00 CST. Funds
are typically available at the receiving banks within one hour after each
processing cycle.
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HONDURAS
}}16:45 T+0: banks transmit return ACH items to Ceproban.
}}17:00 T+0: settlement of multilateral net positions takes place across
participants’ accounts held at the BCH.
CCECH
}}09:00–18:00 T+0: electronic cheque information is transmitted to the Ceproban
head office in Tegucigalpa.
}}18:01–19:30 T+0: electronic return item information is transmitted to Ceproban.
}}19:31 T+0: Ceproban calculates and transmits final balances to the BCH.
}}08:30–09:00 T+1: physical exchange of cheques and return items by participants
at the BCH regional offices in San Pedro Sula, La Ceiba and Choluteca.
}}12:00 T+1: funds are available to beneficiaries.
}}Cheques drawn on banks outside branches in central and regional areas
(Tegucigalpa, San Pedro Sula, La Ceiba and Choluteca) are available to
beneficiaries on T+2.
}}Final settlement takes place across participants’ accounts held at the BCH.
Currency centre holidays*
2nd half 2015
2016
15 Sep, 28–30 Oct, 25, 31 Dec
1 Jan, 24, 25 Mar, 18 Apr, 1 May, 15 Sep, 26–28 Oct, 26, 31 Dec
* Source: www.goodbusinessday.com.
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HONDURAS
CASH MANAGEMENT
}}
Domestic
Notional pooling
}}Notional pooling is not permitted in Honduras.
Cash concentration
}}Cash concentration, including zero balancing, is permitted in Honduras but not
widely used by companies.
Collections
}}The mail system in Honduras is not used for making payments, and as such,
many companies receive payments directly at their offices. These companies
may use an armoured car service (traslado de valores), which is typically
contracted through a bank. The armoured car service travels to a company’s
offices on a specified schedule where it picks up cheques and/or cash and then
makes deposits at a designated bank branch.
}}In other cases, clients may make their payments directly at a bank branch. The
use of unique client codes or special deposit tickets allows the bank to capture
remittance information about the payment at the time it is made. Remittance
information is provided to the collecting company via electronic banking, file
transfer or report. Some banks provide payment and remittance details online.
Cross-border
}}Cross-border payments are routed via SWIFT and settled through accounts
held with correspondent banks abroad.
}}All commercial and state-owned banks are connected to SWIFT.
}}SIP (Sistema de Interconexión de Pagos), a regional interconnection payment
system developed by Costa Rica, the Dominican Republic, El Salvador,
Guatemala, Honduras and Nicaragua, enables USD payment instructions
between the relevant financial institutions to be processed via the central
banks. Launched in 2011, to date six Honduran banks have joined the system.
Lifting fees
}}Fees are applied on funds transfers between resident and non-resident
accounts.
Short-term investments
}}Interest can be earned on resident and non-resident current accounts.
}}Time deposits (depósitos a plazo fijo) are available for a range of maturities,
usually one, two, three and six-month terms.
}}Certificates of deposit (certificados de depósito) are available from private
commercial banks in HNL and USD.
}}Central bank bonds (letras del Banco Central) are issued by the BCH in both
HNL and USD.
}}Commercial paper is not common in Honduras.
}}Repurchase agreements are not common in Honduras.
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HONDURAS
Custody and securities settlement
Information provided by www.globalcustody.net and www.montran.com, 2015.
Depository
}}Depositaria de Valores del Banco Central de Honduras (DV–BCH)
}}DV–BCH provides a centralised detailed registry of all holders and holdings
of government securities. Other responsibilities include supporting the
functions of government debt management, issues, book entry, primary
market securities auctions, primary market and secondary market securities
transactions, interest payments and principal at maturity operations.
Settlement cycle
}}Agreed bilaterally by parties.
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HONDURAS
ELECTRONIC BANKING
}}
}}Electronic banking is available in Honduras and offered by many of the
country’s banks.
}}There is no bank-independent electronic banking standard in Honduras; each
bank offers its own proprietary system for corporate banking purposes.
}}Services available include balance and transaction reporting and payment
initiation.
}}Internet banking is available, but usage is limited due to the relatively low
internet penetration in Honduras (estimated at 18.6% of the country’s
population in December 2014). However, consumers with internet access can
use online banking for fund transfers, account inquiries, and to review and pay
their utility and other consumer bills.
}}Mobile banking is offered by Honduras’s leading commercial banks, providing
services such as balance and transaction reporting, payment initiation and
fund transfers.
}}Honduras had an estimated mobile penetration rate of 99.8% at the end of 2014.
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HONDURAS
TRADE FINANCE
}}
Trading partners*
Import
Export
USA 44.3%, Guatemala 8.5%, El Salvador 5.7%, Mexico 5.6%, China 4.7%,
Costa Rica 4.1%.
USA 34.5%, Germany 11.6%, Belgium 6.8%, El Salvador 6.6%,
Guatemala 4.9%, Nicaragua 4.6%.
* The World Factbook 2013-14. Washington, DC: Central Intelligence Agency, 2013
(www.cia.gov/library/publications/the-world-factbook/index.html).
Imports
Documents
}}In order to import goods into Honduras, a commercial invoice (including a full
description of the imported goods), bill of lading (one original and three copies
in Spanish or English) and, in certain cases, certificate of origin (two copies) and
packing list are required.
}}A sanitary certificate is needed for importing livestock, animal products and
plants.
}}A phyto-sanitary certificate is required for importing rice, seeds, plants and
other agricultural products.
}}A health certificate is mandatory for importing food items, animals and leather.
Licences
}}Licences are not required for imports.
}}Certain imports are subject to quotas under the US-Dominican RepublicCentral America Free Trade Agreement (DR-CAFTA), including pork, powdered
milk, dairy products, ice cream, corn, rice and chicken meat.
Taxes/tariffs and other fees
}}Honduras is a member of the Central American Common Market (CACM).
CACM comprises Costa Rica, El Salvador, Guatemala , Honduras and Nicaragua.
}}A free trade zone has been established by Honduras with its fellow CACM
member countries.
}}Honduras is a signatory of the US-Dominican Republic-Central America Free
Trade Agreement (DR-CAFTA).
}}Honduras, El Salvador and Guatemala, the Northern Triangle CA-3 trade bloc,
have established a free trade agreement with Colombia.
}}Honduras has established free trade agreements with Chile, the Dominican
Republic, Mexico, Panama and Taiwan. It has also established an association
agreement with the EU.
}}Capital goods and raw materials are exempt from import tariffs.
}}Intermediate goods and finished goods (apart from chicken meat, medicines,
fertilisers, rice, sugar and cigarettes) are subject to import tariffs of 5%, 10% and
15% respectively.
}}All imports into the Amapala, Coloma, La Ceiba, Omoa, Puerto Cortés and Tela
free trade zones are exempt from tariffs.
Prohibited imports
}}It is prohibited to import certain commodities into Honduras, in order to
protect public health, and for national security and moral reasons.
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Country Profile
HONDURAS
Exports
Documents
}}In order to export goods from Honduras, a commercial invoice (including a
full description of the exported goods), bill of lading and, in certain cases,
certificate of origin and packing list are required.
}}Exports require pre-shipment inspection.
Licences
}}Licences are not required for exports, although all exports are required to be
registered for statistical purposes.
Taxes/tariffs and other fees
}}No taxes are charged on exports from Honduras.
Prohibited exports
}}It is prohibited to export endangered species of fauna and flora.
Financing imports and exports
Imports
}}There are no financing requirements for imports.
Exports
}}There are no financing requirements for exports.
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HONDURAS
USEFUL CONTACTS
}}
Banco Central de Honduras
www.bch.hn
Leading banks:
Banco Atlántida www.bancatlan.hn
Banco de América Central Honduras
Banco Ficohsa
Banco de Occidente Banco del País www.bac.net/honduras
www.ficohsa.hn
www.bancocci.hn
www.banpais.hn
National Commission for Banks and Securities
www.cnbs.gov.hn
Honduran Association of Banking Associations
www.ahiba.hn
Ministry of Finance
www.sefin.gob.hn
Federation of Chambers of Commerce and Industry of Honduras Chamber of Commerce and Industry of Tegucigalpa
[email protected]
www.ccit.hn
Chamber of Commerce and Industry of Cortés
www.ccichonduras.org
Foundation for Investment and Export Development
www.hondurasinfo.hn
Honduras Private Business Council
www.cohep.com
Bolsa Centroamericana de Valores
www.bcv.hn
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