{"id":6884,"date":"2020-05-28T21:34:51","date_gmt":"2020-05-28T21:34:51","guid":{"rendered":"https:\/\/central-law.com\/?p=6884"},"modified":"2020-05-28T21:35:24","modified_gmt":"2020-05-28T21:35:24","slug":"el-salvador-new-tax-reforms","status":"publish","type":"post","link":"https:\/\/central-law.com\/en\/el-salvador-new-tax-reforms\/","title":{"rendered":"El Salvador: New Tax Reforms"},"content":{"rendered":"

The\u00a0last\u00a0May 14th<\/sup>, 2020\u00a0<\/strong>, the Legislature approved by Legislative Decree\u00a0No. 643\u00a0<\/strong>, the “TRANSITORY ACT TO FACILITATE VOLUNTARY COMPLIANCE WITH\u00a0TAX OBLIGATIONS UNDER THE NATIONAL EMERGENCY CAUSED BY THE COVID-19\u00a0PANDEMIC”<\/p>\n

The main tax benefits that it comprises\u00a0bliss\u00a0Law are as follows:<\/p>\n

    \n
  1. Period is granted until June\u00a030th<\/sup>, 2020 for all taxpayers to file their declaration of Income Tax, without causing interest, penalties or surcharges.\u00a0Likewise, it allows the modification of the declaration when it has been presented before or after April 30th<\/sup>, 2020\u00a0and the possibility of requesting payment in installments is enabled even when this has not been previously required by the taxpayer.<\/li>\n
  2. Deadline is extended until June 30th<\/sup>, 2020 to file the declaration and make the payment of the Special Contribution of Large Taxpayers for the Citizen Security Plan.<\/li>\n
  3. For taxpayers classified as “medium” and “other taxpayers” that request a term for the payment of their tax obligations contemplated in\u00a0this law, they can be granted\u00a0with up to a maximum of seven monthly and successive installments, although the first payment must be made in June\u00a02020, for an amount equal to 10% of the determined tax;\u00a0In the case of large taxpayers,\u00a0a maximum of four monthly and successive installments may be granted, although the first payment must be made in June\u00a02020, for an amount of 30% of the determined tax.<\/li>\n
  4. It\u00a0exonerates\u00a0 “medium”\u00a0and\u00a0“other\u00a0taxpayers”\u00a0of payment\u00a0of the\u00a0advance on the income tax for tax periods of April, May and June\u00a02020.<\/li>\n
  5. It is extended\u00a0until July 31st<\/sup> 2020\u00a0the deadline for the presentation of the Fiscal Audit, together with the tax report, the financial statements, the tax conciliations and supplementary information, corresponding to the annual period of the fiscal year 2019.<\/li>\n
  6. It is extended\u00a0until July 31st<\/sup>, 2020\u00a0the deadline for the appointment of the fiscal auditor for the financial year 2020.<\/li>\n
  7. It is extended\u00a0up to June 30th<\/sup>, 2020\u00a0the term for\u00a0“medium” and “other taxpayers” to file\u00a0the Balance Sheet at the end of the fiscal year 2019, the income statement, the tax conciliations or justifications of the items included in the statement, Statement of Income and Expenses.<\/li>\n
  8. The celebration of General Meetings and Assemblies of all types of legal entities is authorized through videoconference.<\/li>\n<\/ol>\n

    For more information contact us info@central-law.com<\/a><\/p>\n

    Pablo Rusconi
    \nCENTRAL LAW<\/strong>
    \nEl Salvador<\/p>\n","protected":false},"excerpt":{"rendered":"

    The\u00a0last\u00a0May 14th, 2020\u00a0, the Legislature approved by Legislative Decree\u00a0No. 643\u00a0, the “TRANSITORY ACT TO FACILITATE VOLUNTARY COMPLIANCE WITH\u00a0TAX OBLIGATIONS UNDER THE NATIONAL EMERGENCY CAUSED BY THE COVID-19\u00a0PANDEMIC” The main tax benefits that it comprises\u00a0bliss\u00a0Law are as follows: Period is granted until June\u00a030th, 2020 for all taxpayers to file their declaration of Income Tax, without causing 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