New opportunity to benefit from the Substitute Tax

Luego de varias modificaciones, el texto de la nueva Reforma Tributaria emitido por el Senado el 15 de enero permitiría a los contribuyentes acogerse nuevamente a un impuesto sustitutivo de 30%, en reemplazo de los impuestos finales (Global Complementario o Adicional).

Esta alternativa sólo estaría disponible respecto de utilidades tributables que hayan sido generadas hasta el 31 de diciembre de 2016 acumuladas a la fecha.

There will be several opportunities to benefit from this regime:
– Until December 30th, 2020; regarding the accumulated taxable profits that are maintained as of December 31
– Until December 30th, 2021; regarding the accumulated taxable profits that are maintained as of December 31
– Finally, until the last business day of April 2022; regarding the accumulated taxable profits that are determined as of December 31

Against this Substitute Tax will be creditable the entire Corporate Income Tax, reducing the maximum tax burden from 44.45% to 30%.

Different formulas will be used to calculate the accumulated profits and the available credit, depending on the tax regime of the taxpayer, and the year in which he exercises this option. What the aforementioned formulas seek is to recompose as much as possible the accumulated profits up to December 31

The profits that pay this Substitute Tax will not be considered as withdrawn, distributed or remitted by the taxpayer, but will be incorporated in the Exempt Income Registry (REX), and their taxation will be deemed to have been fulfilled.

Una vez que se pague el impuesto de 30% sobre ellas, podrán ser retiradas en la oportunidad que se estime conveniente, con preferencia a cualquier otra suma y sin considerar las reglas de imputación que establezca la ley sobre impuesto a la renta.

If these profits are distributed to a Corporate Income Tax taxpayer, they will maintain their status of Exempt Income, and the possibility of withdrawing them at any time.