Enter Tax And Institutional Adaptations For The Promotion Of The Venture Capital Industry And Continuing The Process Of Modernization Of Capital Market

Original Language Title: INTRODUCE ADECUACIONES TRIBUTARIAS E INSTITUCIONALES PARA EL FOMENTO DE LA INDUSTRIA DE CAPITAL DE RIESGO Y CONTINUA EL PROCESO DE MODERNIZACION DEL MERCADO DE CAPITALES

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"(Artículo 1°.-Introdúcense las siguientes modificaciones en la Ley sobre Impuesto a la Renta, contenida en el artículo 1° deel decreto ley N° 824, de 1974: 1) add the following second paragraph at N ° 6 of article 2:"for all purposes of this Act, the societies by actions regulated by Title VII of the code of Commerce 8th paragraph " , are considered to be anonymous. "."

(2) be replaced, in the fourth paragraph of article 18 ter, the expression "90% of the assets of the Fund", by the following: "90% of the investment portfolio of the Fund."

(3) in article 18 c Agreganse following paragraphs third, fourth, fifth and sixth, new: "for the purposes of this article, shall not be considered rescue the liquidation of the shares of a mutual fund that makes the venturer to reinvest your product in other mutual fund that is not described in the fourth paragraph of the preceding article." To do this, the shareholder must instruct administering society of the mutual fund that keeps your investment, with a power that must comply with the formalities and contain minimal mentions to the internal revenue service established by resolution, so you pay and transfer, all or part of your investment product, another mutual fund managed by it or other administering society who allocated him to the acquisition of shares in one or more of the mutual funds managed by it.
The taxes referred to in this article shall apply, if there is reinvestment of contributions in mutual funds, by comparing the value of the quotas originally acquired by the shareholder, expressed in u.f. According to the value of that unit the day that was made the contribution, less not reinvested capital bailouts carried out in the intermediate expressed in u.f. value day in which took place the respective rescue, with the value of quotas that rescue in final form, expressed according to the value of the unit of promotion of the day of the rescue. The credit referred to in the second paragraph shall be with respect to the highest value obtained in the rescue of a mutual fund, if the respective investment has not been exclusively invested in mutual funds referred to in that subsection.
Societies administering the funds of which are settled the quotas and the Fund managers that are reinvested resources, shall inform the service of internal revenue in the form and time limits that this determined, received investment, payments of fees not considered rescues and bailouts carried out. In addition, societies administering the funds of which made payments of fees not considered rescues, shall issue a certificate which contained a history requiring the internal revenue service in the manner and terms determined by this.
The issuance by the administering company of the certificate in the opportunity and form referred to in the preceding paragraph, incomplete or erroneous issuance, omission or delay in delivery of the information required by the internal revenue service, as well as their delivery incomplete or erroneous, shall be punished with a fine of a monthly tax unit up to a yearly tax unit for each breach , which shall apply in accordance to the procedure established in no. 1 of article 165 of the tax code. "."