Amends Decree-Law No. 600, 1974, Setting The Foreign Investment Statute

Original Language Title: MODIFICA DECRETO LEY N° 600, DE 1974, QUE FIJA ESTATUTO DE LA INVERSION EXTRANJERA

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.
"Article 1-Introducense the following |! |" amendments to the Decree Law N ° 600, 1974, statute |! | the foreign investment: 1. Introducense the following modifications to the |! | (article 4: to) replaced first subparagraph by the following: "foreign investors shall have the right to |! |" transfer abroad their capitals and utilities |! | liquid that they originate.
Remittances of capital may be paid once |! | After one year from the date of its respective |! | income. Aware capital increases with |! | likely to have been remesadas utilities to the |! | outside, may remit without subject to any term, |! | once met tax obligations.
Remittances of profits shall not be subject to term |! | some."
(b) add the following final new subsection: "access to the formal foreign exchange market, to the |! |" remission of funds or profits abroad, |! | It will require a prior certificate of Vice President |! | Executive of the Committee on foreign investment in |! | as regards the amount to remit. This certificate shall |! | awarded or rejected founded, in within 10 |! | days from the date of filing of the |! | respective application."
"2. in item 6 °, replace the phrase |! |" "authorized by the Committee" in the word |! | " materialized".
3 Introducense the following modifications to the |! | "(artículo 7°: a) in the paragraph first, replace the expression |! |" a 49.5% rate or rates specified in item |! | 7 ° bis, as total tax burden income to |! | they will be affected"by the expression" a 42% rate as |! | " total effective tax burden income which will be |! | subjects".
(b) replace the second paragraph by the following: "the total effective tax burden concerning |! |" the preceding paragraph shall be calculated by applying on the |! | liquid taxable income of first category, |! | determined in accordance with the rules on tax to |! | the income, that category than the Act rate |! | set. The difference in rate remaining for |! | complete the effective tax Charter total insured |! | in the mentioned paragraph shall apply on the basis |! | taxable respective, in accordance with the rules of the |! | Law on tax, adding to the database |! | an amount equivalent to the first tax |! | Category that has affected income included in the |! | taxable. "."
"(c) replace, in the third subparagraph, the figure |! |" 49.5% "of"42% effective"."
(d) add the following final new subsection: "for the purposes of the provisions of the present law |! |" refers to sunset in March, the home of the |! | operation that corresponds to the project financed with the |! | foreign investment, once income generated |! | belonging to the twist, if the activity |! | consists of a new project; or, in your case, the month |! | next calendar after the internment to the country |! | of any part of the investment, in case of |! | investments in activities running."|! | 4. in the first subparagraph of Article 11a, |! | replaced then the word "Investment" |! | the phrase "for amounts not less" by "equal amount |! |" or higher".
- And add the following final sub-paragraph to article |! | 11 bis: "these rights can only be exercised once the |! |" realization of investment reaches the amount |! | indicated in the first subparagraph."
5 Reemplazanse in articles 3, 12, 15 and 15 bis |! | "and 17, the expressions"Executive Secretariat"or |! |" Executive Secretary"for the from" Vice Presidency |! | " Executive"or"Executive Vice President", according to |! | appropriate.
6 amending article 19, number II., which sets |! | the plant of professionals of the Investment Committee |! | Foreign, in the following terms: category N ° of positions grades II-plant professionals professionals 4 I professionals 3 II professionals 2 III 7-modify entry requirements and |! | promotion of professional plant, designated in the |! | Article 11 of law No. 18.959, which replaced the |! | Article 20 of Decree-Law No. 600 of 1974, modified |! | by the single article of Act N ° 18.904: plant professionals: be in possession of a professional title |! | University with equal to or greater than ten studies |! | academic semesters in some of the areas of law, |! | Economy or administration, and the following experience:-professional I: 4 years - professional II: 3 years - professional III: 1.5 years in the case of a graduate level degree |! | Doctorate or master's degree, the years of experience will be reduced a: - professional I: 2 years - professional II: 1.5 years 8. repeal of article 7 bis.