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Tax incentives for the agricultural and industrial sector

Tax incentives for the agricultural and industrial sector

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Tax incentives are established for the importation and commercialization of capital goods and industrial plants of the agricultural and industrial sectors to reactivate the economy.

1. What is the purpose of this Law?

This Law establishes tax incentives for the importation and commercialization of capital goods, industrial plants, and freight vehicles of high volume and tonnage capacity for the agricultural and industrial sectors and heavy machinery for the construction and mining sectors to reactivate the economy and promote import substitution policy.

2. What are tax benefits?

The tax benefits established by this Law include the following:

Value Added Tax Exemption

The benefit of the VAT exemption applies to the import of capital goods, industrial plants, and freight vehicles of high volume and tonnage capacity for the agricultural and industrial sectors, including refrigerated vehicles and heavy machinery for the construction and mining sector.

Zero rate on Value Added Tax

The commercialization in the domestic market of capital goods, industrial plants, and freight vehicles of high volume and tonnage capacity destined to the agricultural and industrial sectors, including refrigerated vehicles and heavy machinery for the construction and mining sectors, will be subject to zero VAT rate.

Antiquity of the goods to import

The antiquity for the importation of:

  1. Capital goods for the industrial and agricultural sectors, shall be less than or equal to ten (10) years.
  2. Refrigerated vehicles, freight vehicles of high volume and tonnage capacity for the agricultural and industrial sectors, and heavy machinery for the construction and mining sectors, will be established by Supreme Decree.

It should be noted that the list of beneficiary goods of these tax incentives will be published through a Supreme Decree.

3. Effectiveness extension of the tax incentives

The tax benefits shall be valid for a period of one (1) year computable as from the fifth working day following the publication of the aforementioned regulatory Supreme Decree.

4. Date for the regulatory Supreme Decree

 According to the present Law, it will be published on September 5, 2021.

Source: Gaceta Oficial 01/09/21

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