Modifies The Law On Income Tax

Original Language Title: MODIFICA LA LEY SOBRE IMPUESTO A LA RENTA

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Article 1.-Introducense the following amendments to the law on income tax contained in article 1 of the Decree Law N ° 824, 1974: 1) add the following sentence in point apart (..), to the number 1-item 2 °: "for all tax purposes is part of the heritage of the companies benefiting from the rules in articles 14 bis and 20 bis revenues received or accrued while do not withdraw or distribute. ";
(2) repealed in subsection first article 14 the part that says: "When withdrawals exceed the set of income referred to above, will be considered within this income accrued by the company that involved the company in which occurs the withdrawal, for the purposes of the designated taxation.";
((((3) in article 14 bis: a) delete in the second paragraph the final sentence, and b) replaced into the final paragraph the expression "may benefit from its rules with regard to" by "may also accommodate their rules": 4) replaced article 19 with the following;
("Article 19.-the rules of this title shall apply to all revenues received or accrued and the quantities withdrawn or distributed within the meaning of article 20 bis.": 5) repeal of the second paragraph of number 3 of article 20;
((6) in article 20 bis: to) in subsection second replacements words "taxable profits in the first category paid or payable" by the following: "income earned or perceived to be determined pursuant to the 4th item number 33 °.";
(b) in the third subparagraph replaced the expression "to any title, even when they exceed taxable earnings received or earned first class" by "corresponding to perceived or earned income to be determined as provided in number 4 of article 33 °", and the reference 'sixth paragraph' shall be replaced by 'fourth paragraph'; and (c) in the final paragraph be inserted after the words "received by" the following expression: "individual enterprises,"; replaced the last part which says "affected to this same tribute of first category" by the following: "which also, failing, failing an amount equivalent to the interim payment which has been made with charge to this tribute, to mandatory interim payments which need to find tax coffers, which only applies to them as provided in articles 93 , 94 and 97 when the amount withdrawn or distributed is affects the first category tax in the company where removal was made or the distribution was made. ";
(7) replace the number 1 °.-Article 24 the word "a" by "media";
(8) be replaced in part II, paragraph 3, "Of the tax Base" title "Of the determination of first category income";
(9) add the following final sub-paragraph to article 29: "Shall constitute gross income for the year advances of interest that banks, financial firms and other similar to obtain.";
(10) in the final paragraph of the number 3 ° of article 31, delete the word "tax".;
119 in article 33: a) replaced into the first part of the paragraph first the word "tax" by the expression "first category": b) disposed of in the first paragraph of the number 4, the word "tax";
(c) Insert as number 4° the following, becoming the current 4th 5th: "4th.-without prejudice to the provisions in the previous issues, for the purposes of the imputation of withdrawals or distributions according to the provisions of article 14 and 20 bis, taxpayers forced to declare their effective income according to full accounting, shall deduct from the liquid income or tax loss first category, expenditures to referred first of article 21, and add to them dividends, participation certificates and other revenues, perceived, or alleged income affecting with the first category, global tax supplementary or additional, when to withdraw or distribute. ((Also, the remamentes of taxable profits or negative balance reset previous exercise as provided in no. 1, first paragraph of article 41 must be given °."d) repeal the final paragraph: 12) add the following article 38 bis:"article 38 bis.-taxpayers under the rules of articles 14 bis and 20 bis that stop its rotation shall be considered withdrawn or distributed incomes or certain amounts to that date, as provided in the second paragraph of the referred Article 14 bis or in number 4 of article 33, respectively, including the exercise.
These taxpayers will be taxed by such income or amounts, with a 35% tax, which will have the character of one of this Act with respect to the company, employer, partner or shareholder, not the number 3 of article 54 provisions being applicable to them. However, the employer, partner or shareholder may choose to declare this income as affections in complementary global tax in the year of the end of turn, with right to credit as provided in number 3 with equal percentage) article 56. ';
(13) added at 6 ° of article 40 after the word "individual" the expression "not under articles 14 bis and 20 bis";
(14) repeal the fourth and fifth paragraphs of the number 1-article 54;
((15) replace in) (b) of article 55, the expression "article 22" by "article 20";
((16) insert in the first paragraph of number 3) of article 56, then the expression "section 20", the following phrase: "or 35% on revenues or quantities referred to in article 38 bis,";
((17) in article 57 bis: to) be repealed, the number 3;
(b) delete in the second paragraph the expression"and 25% of the N ° 3";
((c) delete in the third paragraph the final sentence, and d) be replaced in the final paragraph the expression "before the balance sheet" "from November of the respective exercise";
((18) in the first paragraph of number 4 of article 74: to) replacements the words "distributed or paid" by "remesen abroad, remove, distribute or pay";
((b) delete the expression 'N ° 2' and the comma (,) that follows it, and c) replaced the last part which begins with the words "However", by the following: "case of rents withdrawn or distributed amounts, you conveyed to the additional tax, retention shall be at the rate of 35%, without prejudice to the right to deduct as credit an amount equivalent to 10% of these amounts when" (, respect, comply with the interim payment laid down in to) article 84, which may only be returned or charged, being corporations or comanditas actions, with respect to the shareholder partner, when utility or amount is affects the annual first category tax. ';
(19) replaced by article 79, the expression "paid, paid account or put" available to the person concerned by "paid, distributed, withdrawn, remesada, paid account or placed at the disposal of the applicant";
(20) replaced by article 82, the phrase "or made available to the person concerned" by the expression "to distribute, withdraw, remesen or made available to the person concerned", preceded by a comma (,);
((((21) in article 84: a) abrogate the letter g), and b) repeal the final paragraph;
(22) repealed article 86;
(23) replaced article 90 by the following: ' article 90.-taxpayers subject to the provisions of article 20 bis that starting a commercial exercise do not have positive balance resulting from operations carried out pursuant to number 4 ° of article 33, previously accusing withdrawals or distributions, may suspend interim payments for withdrawals or distribution of the first quarter. " If those same operations carried out, such a result is maintained and originates in the first, second or third quarter, may not meet interim payments of the quarter immediately following. Produced a positive balance at the beginning of the year or at the end of one of these quarters, the payment of the provisional tax and up to the amount of that balance. should resume "(: 24) repeal article 92, and 25) delete the expression in the second paragraph of article 95"with additional fee";"