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Tax Burden Redistribution and Adjustment Act – proposed

On 29 April 2013, the House of Representatives filed the "Tax Burden Redistribution and Adjustment Act" to be discussed by the Senate (PR Senate bill P.S. 544). The following are some of the most important changes proposed to be introduced if the bill is approved. Further developments will be reported subsequently.

Direct taxation

(a) Corporate taxation

-   Introduction of a special surtax at a rate of 20%.
-   Decrease of the surtax deduction that is currently applicable for companies from USD 750,000 to a progressive deduction not exceeding USD 250,000.
-   Increase of the amount of income subject to the alternative minimum tax (AMT).
-   Increase of the period in which net operating losses (NOLs) may be carried forward as follows:
-   NOLs incurred between 2005 and 2012 from 10 to 12 years; and
-   NOLs incurred as from 2013 from 7 to 10 years.
-   Limit the NOLs deduction to 90% of the company's net income for tax years beginning as from 2013.
-   Introduction of an additional special tax of 1% applicable for insurance companies on premiums subscribed after 30 June 2013. This special tax would be payable before 31 March of the following calendar year.

Indirect taxation

(a) VAT

-   Reduction of the sales and use tax (SUT) from 7% to 6.5%. The SUT is currently composed of: a 5.5% state sales and use tax, and 1.5% municipal sales and use tax. The 0.5% reduction would be applicable as from 1 December 2013 and would come from the municipal sales and use tax.
-   Expansion of the definition of taxable services for SUT purposes as from 1 July 2013.

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