THE MINISTRY OF FINANCE HAS PRESENTED A BILL THAT WILL ALLOW THE TAX COMPENSATION OF COPYRIGHT AND INDUSTRIAL PROPERTY

26 / 06 / 2020

The Ministry of Finance has presented in the Congress a bill that includes the agreements with the opposition for an economic recovery plan to support activity after the coronavirus pandemic. As a novelty, among the tax measures included in the project, it is proposed to extend the instantaneous depreciation of 100% for investments made throughout the country, until December 31, 2022. Additionally, an instantaneous amortization regime is incorporated respect to certain intangibles assets that are protected in accordance with the law, such as industrial property rights, copyright and new plant varieties. According to the Ministry of Finance, the focus is “to recognize the various forms of investment and technological development that account for an increasingly digital economy”.

The halving of first-class taxes on SMEs, the refund of the VAT tax credit accumulated by SMEs between January and May 2020 or the payment by the Treasury of the contribution of 1% of investment projects that are submitted to Environmental impact assessment until December 31, 2021 are other tax measures included in the bill presented by the Treasury.

The full text of the bill can be downloaded here.