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SUSCRIBETE BOLETIN

SUSCRÍBETE

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NEWS AND BULLETINS

Legal standards for the application of the Organic Law for the Productive Development, Attraction of Investment, Employment Creation, Stability and Fiscal Balance, in the Companies, Securities and Insurance Superintendence.

Following the entry into force of the Organic Law for the Productive Development, Attraction of Investment, Employment Creation, Stability and Fiscal Balance, the Companies, Securities and Insurance Superintendence, has resolved to provide legal standards for it’s application by means of decision No. SCVS-INC-DNCD-2018-0035, rendered on September 6, 2018.

The remission of debts apply on moratorium interests, penalties, costs of enforced collection procedures, press releases in accordance with Articles 47 and 48 of the Companies Act, and other charges derived of Companies, Securities and Insurance Superintendence liabilities, until August 21, 2018. In order to begin the remission procedure, the concerned party must present a request in this entity.

Nevertheless, it is important to stress that the non-compliance of liabilities produce penalties that are not subject to the application of this Law. Oh the other hand, the liabilities coming due after August 21, 2018, and tax obligations of 2017 could not apply this provision.

From August 21, 2018, the concerned party has 90 business days in order to pay the debt capital and apply the remission granted by the Law. In addition to that, for the parties it is possible to request payment facilities that could be granted for one year, and it is not imperative to credit the 20% of the debt, as required in the Tax Code.
Additionally, when the concerned party violates the facilities, in more than two consecutive contributions, the remission looses its effect and the debt could be charged in its entirety.

For payments made before August 21, 2018, those should be charged as installments of the liabilities and not for the interests, yet if those exceed the whole amount of the obligation. In these cases, the remission is applied over the interests, and then, the concerned party that has not paid the whole amount of the obligation, must pay within the stated time limit in the Organic Law for the Productive Development, Attraction of Investment, Employment Creation, Stability and Fiscal Balance.

Finally, the resolution establishes that de debts that are being collected by means of enforced procedures could be discontinued when the concerned party request a remission over this liability within the 30 days after the entry on force of the Law. Those periods of suspension could be not considered as prescription period.


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