SRI propose changes to the law of Incentives

In the coming days different amendments to the Regulation of implementation of the Law on Production Incentives will be made, said yesterday the Director of the Internal Revenue Service (SRI), Ximena Amoroso.

The reforms “are of clarifying character more than anything, because there were doubts raised by entrepreneurs. Hopefully the details will be known these days,”Amoroso said.

The head of SRI said that because it is an amendment to the regulations, the document does not need to go through the Assembly, it would be approved directly by the Executive branch.

For example, on the issue of advertising, the regulation states that taxpayers dedicated to the production and marketing of processed foods with overly processed content will not be able to deduct any tax by promotion and advertising. The reform proposes to allow that advertising expenditures made by these companies, to promote health issues and sport activities, could be deducted from the calculation of income tax.

She also mentioned that on the induction cookers “the clarification that the pieces and parts do not pay VAT or ICE will be done.”