Resolution Published Regarding Exoneration from Income Tax Exemption

Profession:Torres Plaz & Araujo Abogados

This article was written by members of the Tax Department of Torres, Plaz & Araujo

On October 8, 2002, Resolution No. 091 dated August 27, 2002, was published in Official Gazette No. 37.544, providing that, for the purpose of exoneration from Income Tax, any individual or any legal entity engaged in agriculture, forestry, cattle, poultry, fishing, aquiculture and fish breeding activities at a primary level must file a Sworn Statement of the amounts of their investment with the State Unit of the Ministry of Agriculture and Land for the domicile of the taxpayer, The Resolution is effective from the actual date of its publication.

Such sworn Statement must be prepared using the form designed for such purpose by the Ministry of Agriculture and Land and must be accompanied by the documents specified in the Resolution. Sworn Statements presented by taxpayers but failing to include all requisite documentation will not be processed.

A taxpayer's request for exoneration will be processed by the Ministry of Agriculture and Land using a...

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