IRS expects $ 1,090 million from earthquake urgent bill

 

The Assembly yesterday accelerated the process of the second urgent bill on economic matters called The Citizen´s Solidarity and Co-responsability Act raised by the effects of the earthquake, submitted by the head of State, following the declaration of the state of emergency.

The Council on Legislative Administration qualified it around noon and in the afternoon the Commission of Economic System received director of the Internal Revenue Service (IRS) Leonardo Orlando, and Coordinating Minister for Economic Policy Patricio Rivera, with their proposals and numbers.

SRI estimates to raise a total of $ 1,090 million with the three solidarity contributions imposed on salaries of more than $ 1,000 for a single time ($ 50 million), the additional 3% of income tax on profits ($ 340 million) just once, and heritage of over one million dollars ($ 110 million) and, the two points rise to the value added tax (VAT) from 12% to 14% for one year ($ 750 million).

The collection decrease in affected provinces would represent $ 80 million less and exemptions, benefits and refunds to taxpayers another $ 80 million less.