Through Executive Decree No. 1240 issued on February 3, 2021, an extension of the term of the declaration and payment of the income tax applicable to taxpayers subject to the Microenterprise regime that have not generated profit in fiscal year 2020 was provided.
Summary of the Decree
Taxpayers who, as of January 31, 2021, appear in the Microenterprise cadastre issued by the SRI and who, in fiscal year 2020, have not recorded a profit calculated before determining income tax, can access the extension .
Article 253.20 of the Regulation for the Application of the Internal Tax Regime Law is amended to allow taxpayers subject to the Microenterprise tax regime to settle their tax by applying the 2% rate on their sales, less withholdings at the source. that have been carried out in the same period with respect to the activities subject to the regime "and the income tax credit to which they are entitled in accordance with the tax regulations."
In order to determine whether the taxpayer generated a profit, the income and expenses that are attributable to economic activities outside the Microenterprise regime will not be taken into account.
Special and Temporary Regulations for the Payment of Tax within the Microenterprise Tax Regime
| Tax Obligation: | Original Term: | Extension: |
| Payment of Income Tax for fiscal year 2020. | January - February 2021 | November 2021 |
| Pay Income Tax for fiscal year 2021 to be declared semi-annually in July 2021 and January 2022. | July 2021 | March 2021 |
Interest and penalties incurred before the effective date of this Decree may not be claimed as undue payment.
The payment schedule, as well as all those provisions necessary for the proper application of this Decree, will be issued by the SRI.
Important : This TOP Memo is not and cannot be used as advice or opinion, since it is only an informative document.
