Regulates Application Of Rules On Excessive Borrowing To Project Financings And Other Tax Matters

Original Language Title: REGULA APLICACION DE NORMAS SOBRE ENDEUDAMIENTO EXCESIVO A FINANCIAMIENTOS DE PROYECTOS Y OTRAS MATERIAS TRIBUTARIAS

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
"(Artículo 1º.-Introdúcense las siguientes modificaciones en la Ley sobre Impuesto a la Renta, contenida en el artículo 1º deel decreto ley Nº 824, de 1974: A) (amended article 59, as follows: 1) insert in the third paragraph of number 1 of the fourth subsection, then from the word d), the following expressions:"whereas with respect to the securities referred to in this last letter issued in national currency " ,".

((2) Introducense the following modifications in the fourth paragraph of the number 1 of the fourth subparagraph: to) replace the second paragraph of the letter to), by the following sub-paragraphs: "when a company actions, social rights or shares in the capital of other companies, its heritage will be adjusted in one direction or another by the difference between the value in which the investment in accordance with the rules of article 41 has registered and the value of their participation in the" heritage of the respective companies, determined in accordance with the provisions of this article.
In any case, in the determination of the heritage of a society or company will be deducted that part that corresponds to the participation or assets of companies of which the first is associated or subsidiary, in the proportion in which such participation has been financed with foreign loans subject to the tax rate of 4% established in this article. "."

((b) modify the letter b), follows: i) Insert, after the word "d)", between commas (,) the expression "whereas with regard to the titles referred to this last letter issued currency na international";
((ii) Insert, after the word "debt" the following prayer, preceded by a comma (,): "plus interest accrued in these same debts that have not been paid and that at the same time accrued interests in favour of the creditor.", and iii) add at the end, becoming followed dot (.) separate dot (.), the following sentence: "in the case of mergers, divisions, dissolutions or any other legal act or operation involving the transfer or the novation of debts" These will continue to be affected to the tax that has been determined according to this article and shall be considered as a debt of the company to which it was transferred or assumed debt, from the date on which take place such circumstance. "."

((c) Introducense the following modifications in (c)): i) Insert, then the expression "when," the first time it appears, preceded by colons (:) the following words "that is constituted, domiciled or resident in some of the countries that are part of the list referred to in article 41 D,";

(ii) Insert, then the expression "warranty", the words "directly or indirectly granted by third parties"; and the word "sworn" expressions "debts, its guarantees and respect between the final beneficiaries of the interests of related persons are";

((iii) replace the word "third-party" with the words "representative of money obligations, excluding title of obligations assumed by the debtor with related companies", and iv) add the following second paragraph: "in any case, shall not apply the provisions of article 41 D, in the part referred to in the preceding paragraph, when the date of the grant of the respective credit the creditor was not established, domiciled or resident in a country or territory which, subsequently, is included in the list referred to in this article. "."

(d) add at the end of the last paragraph, deleting the point apart (..), the expressions "and also applies with respect to debts with multilateral international financial institutions.".

((B) Introducense the following modifications in article 74 no. 4.-: 1) insert in paragraph first, between the expression "retention" and the words "However", then followed dot (.) the following: "(Con todo, podrá no efectuar_se la retención si el preceptor deel retiro le declara ael contribuyente que se acogerá a lo dispuesto en la letra c) of the No. 1-the letter A) of article 14." The internal revenue service will determine the form, term and conditions which must comply with the aforementioned Declaration, as well as the announcement that the host society of the reinvestment must give that service both removal source society. In this case, if such reinvestment is not formalised within twenty days of the withdrawal, the company which has made the removal or remittance will be responsible for the entire of retention concerning this issue, within twelve days of the month following that in which expires this period, without prejudice to its right to recur against the taxpayer who made the removal , is charged to earnings or other credit partner have against society. "."

(2) in the second paragraph, the expressions "of 15%" by the words "of the tax of first category" replaced.