February 17, 2015

TRANSITIONAL LAW TO FACILITATE VOLUNTARY COMPLIANCE WITH TAX AND CUSTOMS OBLIGATIONS

Last September, the Transitory Law was published in the Official Gazette to facilitate voluntary compliance with tax and customs obligations. This rule grants a period of three months, which expired on December 9, 2014, so that taxpayers with taxes pending payment, or complementary debts owed to the Treasury, including balances declared in favor in an amount greater than that legally corresponding, may be paid or modified as appropriate, enjoying an exemption from the payment of interest, surcharges and the non-imposition of new fines for the same tax periods and tax years. This decree includes the possibility of paying disputed taxes either in the administrative or judicial phase, subject to certain requirements and procedures, and will also provide the facility of obtaining a period of up to 6 months for payment thereof upon request by the taxpayer.
“” GUIDANCE GUIDE FOR THE APPLICATION OF THE TAX LAW TO FINANCIAL OPERATIONS.
Recently the Ministry of Finance has published the GUIDE GUIDE FOR THE APPLICATION OF THE LAW ON TAX ON FINANCIAL OPERATIONS. This guide, in addition to containing new definitions for the application of the law, develops certain practical aspects complementary to the Law on Tax on Financial Transactions. Financial Operations and their applicable regulations, such as the operation of the issuance of checks for exempt operations whether they are carried out from exempt accounts or not, as well as the methodology for requesting the return of withholdings and their operation, among others.

One of the most important aspects of the guide is the clarification that the payment made by taxpayers or third parties credited to the accounts of subjects exempt from the application of the new Tax, such as taxes in accounts of the Ministry of Finance, the Municipalities Salvadoran Institute of Social Security and Pension Funds will be exempt from the application of the tax on checks and transfers, a situation that had not been completely clear in the law and regulations.

By: Francisco Martinez 

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