On October 19th, 2020, Executive Decree No. 522 was published, establishing regulations to Law No. 161, enacted on September 1st, 2020.
The tax relief measures indicated by Law No. 161 shall be:
This Executive Decree also addresses requirements and conditions in order to access to each of the abovementioned benefits.
Further, Executive Decree No. 522 sets forth that during the enforceability of Law No. 161, the Certificates of good standing and compliance (“Certificados de Paz y Salvo”) shall be issued to taxpayers that pay 45% of the total amount subject to payment plan subscribed according to this Decree. In the case of Real Estate assets, the certificates shall be issued but they shall not be valid for transfer or farm divisions.
This Executive Decree No. 522 is effective October 16th, 2020.