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New rights for employees
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Global | Publication | September 2017
On September 19, 2017, under the framework of the National Economic Emergency Decree, the President of the Republic passed Decree No. 3,085 published in Official Gazette No. 41,239 by which value added tax (VAT) rate reductions of 3% and 5% were established for the following sales of movable goods and services rendered to individuals and legal entities, when paid through electronic means:
This decree implements the VAT rate reduction recently announced by the Executive Branch with the purpose of encouraging electronic payments in order to deal with the current crisis of legal tender.
The VAT rate reduction will not be applicable in the following cases:
Even though the language of the provision is not clear, it appears the decree also excludes transactions involving a VAT collection agent from applying the reduced VAT rate.
The VAT rate reduction will become effective 5 calendar days after the publication of Decree No. 3,085 in the Official Gazette (namely, after September 27, 2017) and will remain in force until December 31, 2017.
Taxpayers will have to determine the applicable requirements for invoices and other relevant documents, as well as when filing VAT returns and paying the corresponding tax liability.
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