On 21 December 2009, Law 712 was published in the Official Gazette introducing major amendments to Laws 453 (Ley de Equidad Fiscal) and 528. The amendments, which are effective as from 1 January 2010, are described below.
Income tax
(a) Taxable receipts. Currently, all dividends or profit distributions made by companies subject to income tax are non-taxable receipts. Under the reform, only dividends or profit distributions that are subject to final wit…