On August 9, 2016, the President sent to the National Assembly, the 'Draft Organic Law of Tax Incentives for various productive sectors' as "urgent in economic matters".

The most important aspects proposed in this project are:

  • Deduction of the payments for the concept of health insurance or prepaid medicine in favor of the workers. This benefit will be 100% for micro and small enterprises and up to 50% for medium and large companies.
  • Exemption from tax on vehicles owned by operators of public passenger transport and legally constituted cabs.
  •  Exemption to operators of public and commercial transport that are legally incorporated in the calculation of advance income tax, both in costs, expenses and assets, as well as in the value of transport units which keep their economic activity.

Also, the concept of the ex-customs price is clarified, indicating that it is the one "obtained from the sum of tariff rates, funds and special charges levied by the customs authority at the moment of the clearance customs of the imported goods".

The assembly will have 30 days to process this law and to respond to the president.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.