Congress passes tax package bill which include reductions of up to 25%

The Senate Chamber passed a bill with tax measures for economic recovery which aims to inject liquidity to SMEs and companies. The bill defines a temporary reduction from 25% to 10% of the First Category Tax for SMEs under the Pro-SME Regime for income obtained between 2020 and 2022. These companies will also be halved in the rate of provisional monthly payments. It also allows companies under the Pro Pyme Regime to request a refund of the accumulated remainder of the VAT tax credit, which is obtained from the declaration of said tax that is made in July, August or September 2020.

Source: EMOL