News about the financing bill (Tax reform)

Global |  Publication |  November 2018

Download PDF

Wealth Tax Proposal

On October 31, the government announced the financing law with which it expects to raise about 14 billion pesos. Among the proposed changes is a new wealth tax with the following characteristics:

  • The tax would have a duration of 2 years, 2019 and 2020.
  • It seeks to tax taxpayers of income tax (natural person) with a net equity exceeding $ 3,000 million. Foreign persons and entities would be taxed by their assets owned in the country.
  • The taxable base would be the net equity as of January 1, 2019 and by 2020 it could increase or decrease up to 25 per cent of the inflation of the previous year.

The Government proposes the application of the following differential rate:

Taxable base range in $ Rate
Lower limit Upper limit
>=3.000.000.000 <5.000.000.000 0,5%
>=5.000.000.000 Onward 1%


Practice area:

Recent publications

Brightly colored digital mesh design

Publication

DORA – Digital Operational Resilience Act

On December 27, 2022, the European Regulation on digital operational resilience for the financial sector was published. It entered into force on January 17, 2023 and will apply as of January 17, 2025.

Global | January 25, 2023

Financial institutions
Low angle shot of modern glass buildings and green with clear sky background

Publication

ESG in the context of the African and Middle Eastern telecommunications and digital infrastructure sectors

In April 2021, a survey of 34 limited partnerships by the African Private Equity and Venture Capital Association showed that 97% considered it important to take ESG factors into account when making investment decisions. Such a focus on ESG is partly driven by investors, suppliers, customers and local stakeholders requiring ESG to be a principal factor in the terms of any investment or contractual relationship.

Global | January 24, 2023

Environmental, social and governance (ESG)
building

Publication

The EU Foreign Subsidy Regulation: A new set of wide-reaching powers for the European Commission

The Regulation of the European Parliament and of the Council on Foreign Subsidies Distorting the Internal Market (the FSR) entered into force on 12 January 2023 and will apply from 12 July 2023. The European Commission (EC) will soon launch a public consultation on an implementing regulation that will provide details regarding notifications, file access and other procedures under the FSR, and is setting up a sizeable taskforce to handle FSR cases.

Global | January 19, 2023

Antitrust and competition
site search

Subscribe and stay up to date with the latest legal news, information and events...

Register now