Amends Act No. 18.985 And Article 88 Of The Tax Code


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"Article 1.-Introducense the following modifications to the law N ° 18.985: 1.-Add in the final paragraph of its article 3 transitional, after the expression"before 1990".", deleting is the final dot (.), the following text: "or, in the case of leasing of farms, with respect to those in which the tenant had promptly declared its alleged income in the years 1989 and earlier when appropriate.".
2.-in the first paragraph of its article 6 Transitional: to) be replaced with the expression "the year 1991" "los años 1991 or 1992".
((((((b) insert a letter to), new passing the current letters to) and b) being, respectively, b) and (c)), the following: "a) entitled to revalue a one-time assets referred to in no. 2 of article 3 of this law, including buildings, machinery, work vehicles and improvements, in accordance with its new replacement value or the similar" , when the well is no longer available, less the accumulated depreciation from the date of manufacture or construction and less an estimate of damage submitted. The taxpayer shall certify the date of manufacture or construction.
In the event that the taxpayer could not prove date of manufacture or construction, it is entitled to revalue assets only once mentioned in no. 2 of article 3 of this law, including buildings, machinery, work vehicles and improvements, according to their replacement cost, whereas the condition in which they are to the date of the initial balance. Shall, in addition, be determined a lifespan for these assets, which may not be less than half that corresponds for this type of property in accordance with the general standards laid down by the internal revenue service. In any case, the total value of the assets revalued according to this subsection may not exceed 8,000 UTM. "."
((((c) Introducense in the letter to), which becomes b), the following modifications: i) replace your subsection first with the following: "goods indicated in the preceding letter that can not be revaluated subject to the regulations contained there, may be revalued according to the value of replacement of such property as if they were new, less an estimate of damage submitted.".
(ii) substitute in its second paragraph, the expression "following the revaluation is made", by the following sentences: "previous to the one in which the initial balance should arise. The goods thus revalued shall be depreciated for the entire period of life normal useful set by the internal revenue service. "."
(iii) replacements in its third paragraph, the expressions: "the revaluation that is this article should be" by "(Las revalorizaciones de que tratan las letras a) (and b) of this article shall be"; and "this revaluation should be" by 'these revaluations shall'.
(iv) replace your fourth subparagraph by the following: "(En el caso de enajenación de los bienes que hayan sido revalorizados de acuerdo con las letras a) (and b) of this article, that occurred within the five years following the revaluation, to determine the outcome of such operation will not accept deduction of that part of the accounted value of the goods that proportion corresponds to the revaluation.".
3 replaced by the number 4, the first paragraph of article 7 transitional °, the expression "(la letra b)"by "(las letras a), b) (& c)".