Income Tax Advance Exemptions and Deferral of Both Payment Agreements and the Entering Into Force of Law 46-20

Fabio J Guzmán SaladínPartner, Guzmán Ariza, Attorneys at Law

  • Taxpayers, including corporate entities and sole proprietorship, with monthly obligation to pay Income Tax advances are exempt from payment of said advance for the March 2020 fiscal period. This provision does not apply for large taxpayers, except for those whose business have been ordered to shut down during the State of Emergency. 
  • A three-month extension is granted for taxpayers with payment agreements in force as of 3/19/2020, applicable to installments with closing dates in April, May and June 2020. 
  • Law 46-20 on Voluntary Wealth Disclosure is deferred until further notice. This statute establishes a special and transitory tax amnesty for taxpayers to voluntarily disclose or reassess all their movable and real estate properties located in the country or abroad.