"Sole article.-Introducense the following modifications to the law N ° 1: 18.483." In article 1, agreganse the following letters or), p) and q): "or) export development program: program whose purpose is to iscrementar exports annually, starting in 1991, above the average of exports in 1989 and 1990." The program allows industries terminals access to an extension in the term of the tax benefit referred to in article 10.
(p) exports in excess: difference between the value of exports made by a terminal industry in a year and the average of exports carried out by the same industry in the years 1989 and 1990.
q) tax credit in excess: difference between the annual amount of tax credit for national integration, awarded to a terminal industry incorporated into the program of development of exports and the amount of tax credit that will be awarded in the same year industry, not to be enrolled in such program. "."
2. in article 2, add the following letter: "d) declare whether they be incorporated into the program of export development.".
3. in the first subparagraph of article 9, replaced the date "31 December 1995" with "31 December 1998".
4. replace article 10 by the following: ' article 10.-the tax credit by national integration will be only recognized with respect to industries terminals which armen or assembled vehicles from CKD. "
The amount of tax credit for national integration shall be determined as a percentage of the customs value of the respective CBU product by the proportion of integration accomplished through the incorporation of national components and the Assembly process. Industries that are not registered in the program of export development, sets, until December 31, 1991, a percentage of 40%, reducing this, from January 1, 1992, 10 points each year.
In industries that are incorporated into the program of export development will be delayed, until January 1, 1996, the date in which the percentage of tax credit for national integration begins to be reduced by 10 percentage points per year. This postponement will remain in force for industries whose exports in excess, from 1991, be at least equal to times after the amount of the tax credit in excess that is granted to them.
To verify the fulfilment of the condition specified in subsection precedent, in the first fifteen days of each year, starting in 1992, the automotive Commission will compare the value of exports in excess materialized in the previous year and three times the amount of the tax credit in excess given the industry by vehicles produced and transferred in the same year.
Whenever the required condition is not met, the percentage of tax credit for national integration to be recognized shall be reduced by 10 points to the industry in each of the years that remaining until the expiry of the benefit, including the year in which the comparison is made. If the industry doesn't meet the requirement for two consecutive years, is deleted the program of development of exports without the possibility of reinstatement.
To make the comparison shown in the fourth paragraph of this article, shall be deemed the FOB value of annual exports of national components, including exports in compensation referred to in article 3 and the amount representing the integration of domestic components in the value FOB of the SKD or CBU which they have been exported, expressed in dollars of the United States of America. The average value of exports in 1989 and 1990 will be updated in accordance with the variation experienced by the monthly index of prices to the bulk of United States of America between December 1989 and June of the year regarding which computations are performed. The amount of annual tax by national integration credit will be obtained by adding the respective monthly amounts, expressed in dollars of the United States of America, whereas the rate of Exchange established in accordance with article 122 of the Customs Ordinance, existing at the date on which they were granted. "."
5 invalidated the first paragraph of article 11 by the following: ' article 11.-the tax credit by concept of stimulus to exports of national components shall be calculated as a percentage of the FOB value of exports with a maximum of 11% of the customs value of imported the CKD or SKD or they are imported in accordance with the programmes approved by the automotive Commission " , according to the case, not considering exports in compensation referred to in article 3 to this effect. The percentage to be considered will be 11% until December 31, 1995, reduced, effective January 1, 1996, by 2.75 percentage points every year. "."
6 replaced bis article 11 with the following: "article 11 bis-industries terminals shall be entitled to a tax credit equivalent to the value that results from considering the same percentages indicated in article 11 on the integration of national components in the value FOB of the SKD or CBU exported them.".
7 Add, then of article 12, the following article 12 bis: "article 12 bis.-produced and transferred vehicles in the country by the industries terminals not may be exported unless previously exporter has entered into tax coffers an amount equal to the tax credit granted to the terminal industry by such vehicles, pursuant to article 9. This amount will be updated according to the variation experienced by the monthly index of prices to the consumer between the month prior to the granting of credit and the month that precedes its restitution.
For this purpose, the automotive Commission will issue a certificate stating the amount of the tax credit that must be restored by the vehicles will be exported within a period of fifteen working days, counted from the exporter has requested it. This certificate and the proof of the service of treasuries will be required by the customs service in the export process.
Industries terminals must record invoices of sales of vehicles in the country, which these do not may be exported without first complied with the provisions of this article. "."
8 Add, then article 14, the following article 14 bis: "article 14 bis.-If the terminal industry armare or ensamblare vehicles under license granted by the owners of two or more trademarks, manufacturing the benefits indicated in the fourth article 3 paragraph and articles 9 ° and 11 bis will be awarded for each particular mark. Also, the conditions for access to the extension of the period of validity of the tax benefit referred to in article 10 will be assessed for each brand separately.
For these purposes, to approve the programs of compensation referred to in article 3 °, the automotive Commission must be given through the extension of a certificate, the automotive brand to whose account the export be practiced and in whose favour the import duties should be paid.
To perform the computations referred to in the fourth subparagraph of article 10, exports in excess and the tax credit in excess shall be determined for each brand of vehicle that has been armed or assembled, in accordance with records carrying the automotive Commission and history that is required for the terminal industry. "."
9. in article 15, replaced the expression "a representative of the Central Bank of Chile" by "a representative of the Ministry of economy, development and reconstruction".
10 repealed article 6 ° Transitional. "."