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Honduras News

Hugo Chavez Fails in Honduras- In a landslide victory Profirio Lobo, the National Party Candidate, will become the next president of Honduras. (read more)

Hugo Chavez and the Cowardly World- A chain of events have started that could convert the wonderful country of Honduras into a place similar to the Gaza Strip. (read more)

Crisis in Honduras- Articles and editorials from The Utila East Wind which chronicle the events that preceded the removal of former Honduran President Manuel Zelaya.  (read more)

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Utila's bad DEI

Local business received a rude awakening last Friday when the DEI (Dirección Ejecutiva de Ingresos de Honduras) agents, the Honduras equivalent to the IRS, arrived on Utila in full force.

The DEI (translated from Latin  "God") within hours, closed many businesses for not having proper receipts or documentation. The yellow tape seals, which in large letters read "Yo infringi el Ley" or I broke the Law covered the doors to groceries stores, restaurants, bars and dive shops.

The rules were simple, if you did not pay the 23000 lps fine, you were immediately shut down.  The raid seemed timed to make an example of business on Utila, as it was Friday when the DEI arrived. This made it impossible for many to pay the fine before the banks closed at Saturday noon.

Most business that were closed will be able to open again tomorrow, Friday the 17th of June. Only businesses that removed the DEI seals were double fined and ordered to close 15 days.

Honduras has been criticized by their debtors, The World Bank, for having a very low tax collection rate of 10% of GDP. They further are connecting this data to high crime rates, in other words the more tax you pay the safer you will be. 

It is also worth noting that just after these raids began Standards and Poor's  elevated Honduras'  Foreign Currency Credit Rating Outlook to POSITIVE from STABLE.