Amendments to Law for the Improvement of Tax Management
Law for the Improvement of Tax Management Law #9069- Effective as of September 18th, 2012 The Law for the Improvement of Tax Management was issued with the objective of ensuring better tax revenue without creating new taxes and aims at improving fiscal transparency and strengthening the Treasury to facilitate the collection procedure. The main amendments introduced by this Law are: - Amendments to the PROPERTY TRANSFER TAX LAW, No. 6999- The main amendments affecting the Property Transfer Tax Law are: The definition of “transfer” was modified. As of now, “Transfer” should be understood as any legal transaction by which real estate is transferred, either directly or indirectly, in accordance with the nature of the business and not in accordance to the denomination given by the parties to the transaction. “Indirect transfer” should be understood as any legal transaction that involves change in the control of any company which holds real estate. From the previous definitio...