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7,655 MSMEs covered by Tax Exemption Law

7,655 MSMEs covered by Tax Exemption Law

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On September 13, 2021, the “La Prensa” website published information about the MSMEs covered by the law exempting them from taxes.

1. MSME’S support law

The aforementioned website comments that more than 7,600 companies have adhered to the MSME Support Law since it entered into force in November 2018.

According to the National Service for Entrepreneurship and Small Businesses (Senprende) indicated that since the implementation of the law in November 2018 to date, 7,655 companies have joined, corresponding 2,489 to the department of Cortés.

2. Accesses per year

According to the registry, 3,606 MSMEs were added in 2019, the highest figure so far. In 2020, 1,892 were added and more than 2,060 have been added so far in 2021.

3. Deadline to join

MSMEs have until November 17 of this year to join. 

It should be recalled that Law 145-20188 states that MSMEs are exempted for 5 years from paying income tax, industry, commerce, and services tax of the municipality and others.

4. Conditions for operating companies

According to comments, the majority of the companies that have been covered by the law are new ventures. Companies operating prior to the entry into force of the law must prove a 30% increase in the generation of new jobs and not have annual gross revenues of more than $5 million in the previous fiscal year. They must be approved by the Secretary of Labor.

5. Disincentive of municipalities

The president of Fedecámaras, Rolando Alvarenga, stated that the reluctance of the municipalities to comply with the law has caused MSMEs do not want to join.

Source: La Prensa 13/09/21

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