NewsWhore
07-19-2007, 07:30 PM
Last night, in two consecutives readings, the Chamber of Deputies approved legislation, with a vote of 84 to 29, for a fiscal amnesty for individuals, businesses with single owners and corporate organizations on income tax payments (ISR), VAT (ITBIS) and taxation on real estate property. The legislation will gradually eliminate the 30% ISR and will return to 25%, the rate before the 2006 fiscal reform. Individuals, businesses with single owners and corporate organizations can opt for fiscal amnesty as long as they pay the corresponding fees, calculated according to criteria as designated by law. Also anyone who has debts can opt for amnesty once they have paid them back. Those wishing to opt for amnesty must also go to the Tax Department (DGII) no more than 45 days after the law has been passed.
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