Property taxes moratorium extended

The Assembly approved the extension of the moratorium for the payment of property taxes.

After receiving the comments of the Executive, the plenary session of the National Assembly approved the extension period for the payment of property taxes until December 2018. Modifications were introduced in articles 2 and 5 of bill 609 that the president Juan Carlos Varela  vetoed.

Article 2, modified from project 609, establishes that a period of moratorium is granted for the payment of real estate taxes, which falls on interest and surcharges, and that such extension will be valid until December 1, 2018 for all taxpayers

The tax holiday was applied last year and helped increase state revenues.

The fiscal deficit of the first six months of this year stood at $ 1,061 million, a figure that is equivalent to 1.6% of the gross domestic product (GDP) and represents an increase of $ 966 million compared to the balance of the first semester of the previous year.

With the moratorium, many of the taxpayers who are  presently delinquent can catch up and help increase income.