The Internal Revenue Service (IRS) has “everything ready” to reduce the two percentage points of the value added tax (VAT), according to Guillermo Belmonte, deputy director of the tax agency.
The Solidarity Law, enacted on June 1st, 2016, established a one-year temporary VAT increase from 12% to 14% to finance the reconstruction of the affected towns after the earthquake.
“The legislation is clear and states the return of the normal rate (12%) from June 1st of this year,” said Belmonte.
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