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Government submitted to the Legislative Assembly a bill for a moratorium on the payment of taxes

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The Government of the Republic delivered a bill this morning to the Legislative Assembly to help companies, in the current economic context, have the necessary resources to pay salaries, social security contributions and loans, among other responsibilities.

It is a moratorium for the partial payments of the profit tax, the payment of the value added tax and the taxes to nationalize merchandise, in the months of April, May and June 2020, which may be extended by a single Once by the President of the Republic, extending until July 31, 2020.

This project is part of the set of extraordinary measures that the Government announced this weekend, to safeguard citizens, public health, strengthen economic stability and mitigate the adverse effects on the population due to the outbreak of coronavirus.

“Our main objective is the protection of the entire population, that is why we are dedicating all the efforts and resources necessary to fully respond to this challenge and to mitigate the economic effect that is being caused, safeguarding workers and companies”, affirmed the President of the Republic, Carlos Alvarado.

The objective with this measure is to avoid that, due to the lack of liquidity and the capacity to acquire credit obligations, companies are forced to use their budget to comply with tax obligations, to the detriment of the payment of responsibilities to their workers.

“The global economy faces the challenge of seeing supply chains disrupted, dealing with volatility in financial markets, and declining consumer demand. All this has negative impacts in different key sectors, also in our country, where we already have consequences in the tourism sector, for example. This requires urgent actions to protect employment and production, and that is what we are looking for with this bill, which we hope will be discussed and approved soon by the Legislative Assembly, ”explained the Minister of Finance, Rodrigo Chaves.

The Treasury clarified that the moratorium refers to the payment of taxes, not the presentation of the declarations, which must be made within the time limits of the law. The measure does not apply to those who have a special fiscal period.

At the end of this term, taxpayers will have time until December 31 of this year to pay the taxes of April, May and June without interest or penalties for administrative infractions related to late payment.

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