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Tax relief project COVID-19

Corona Virus
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In the last few hours I have received the question about whether the government is going to forgive the taxes of March, April and May due to the emergency resulting from the Covid 19 Virus known as Corona Virus.

The quick answer is no. However, there is some help regarding tax duties. Below I explain it for each of the taxes that enter this decree:

VALUE ADDED TAX (VAT)

The taxpayers of this tax may during the months of April, May and June 2020, present the tax declaration WITHOUT MAKING THE PAYMENT OF THE VALUE ADDED TAX (VAT). Taxpayers WHO ACCOMMODATE THIS POSSIBILITY, must pay the respective tax for the months covered by the moratorium no later than December 31, 2020, without incurring interest or fines, under the conditions determined by the Tax Administration.

The above means that just as the declaration must always be presented; but if you require it, you have time to pay the declared tax in those months, until December 2020 without fines or interest.

PARTIAL PAYMENTS OF INCOME TAX

… the taxpayers referred to in article 2 of said Law are granted, for a single time, the possibility of not making the partial payments of the profit tax that they should make in the months of April, May or June 2020.

The partial payment corresponding to this quarter (April, May and June) may not be made. In other words, even if it is collected that quarter, you can ignore it and, as always, pay up to two and a half months after the fiscal closing, which by the way remember that this year is December 2020.

SELECTIVE CONSUMPTION TAX

It gives “the possibility of filing the declaration and not making the payment of the tax simultaneously during the months of April, May and June 2020. Taxpayers who avail themselves of this possibility must enter the respective tax for the months covered by the moratorium no later than December 31, 2020, without incurring interest or fines…

Those businesses that have this tax for the type of product they sell, still have to file the corresponding declaration for those three months, but have the option to pay the respective tax until December 31, 2020 without fines or interest. < / p>

TARIFFS (IMPORT OF MERCHANDISE)

“… importers who are also registered as taxpayers in the Single Tax Registry of the General Tax Office, may, during the months of April, May and June 2020, nationalize the goods without paying the corresponding fees. Taxpayers who avail themselves of this possibility must enter the tariffs corresponding to the months covered by the moratorium no later than December 31, 2020, without incurring interest or fines … “

During April, May and June, the merchandise they import may be nationalized and the respective tax must be paid no later than December 31, 2020 without fines or interest.

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