Cooperative Associations were exempt from paying Income Tax for one year

Published at: 21/08/2024 02:55 PM

Cooperative Associations, established in accordance with the provisions established in the Decree with the Force of Special Law on Cooperative Associations, were exempt from paying Income Tax (ISLR), for taxable net enrichments from a territorial source.

Through Presidential Decree No. 4,976, published in Official Gazette No. 42,939, dated August 12, 2024, they specified that Cooperative Associations must update the Single Register of Tax Information (RIF), presenting the current Certificate of Compliance issued by the National Superintendency of Cooperatives.

Likewise, the rules established in the Income Tax Decree with Rank, Value and Force of Law will apply, as the case may be, with regard to income costs and deductions from taxable enrichments.

The exemption from the tax will last for one year and will take effect after publication in the Official Gazette. This period may be extendable for an equal period.

Mazo News Team