On 4 October 2012, the government submitted to Congress a tax reform bill which contains substantial amendments to the current tax system. The tax reform bill consists of five parts as follows:
Corporate income tax
| - | Reduction of the corporate income tax rate from 33% to 25%. | |
| - | Introduction of a new "fair tax" (impuesto sobre la renta para la equidad - CREE) that would be levied over the net taxable income at the rate of 8%. The … |