Basic basket, “Sin Tax” Credit and cashback
Mar 7, 2024 9:12:46 GMT 2
Post by account_disabled on Mar 7, 2024 9:12:46 GMT 2
The Selective Tax also known as “sin tax” will be a surcharge applied to products that are harmful to health or the environment such as cigarettes and alcoholic beverages.
This is a way to increase revenue allowing other sectors to receive exemptions. However the list of products that will be subject to tax will still be defined by complementary law while their rates will be fixed by ordinary law.
While some products will have a surcharge others B2B Email List will have a complete exemption as is the case with basic basket items. Exempt products will be defined by complementary law which must consider the country's regional and cultural diversity ensuring a healthy and nutritionally balanced diet.
Exemptions
In addition to the basic food basket some items may be exempt from the new taxation such as medicines cars purchased for people with disabilities and those with Autism Spectrum Disorder rural producers and products for menstrual health for example. Although the approved text makes room for concession the measure depends on a complementary law.
Reduced rates
The approved proposal provides for a reduced rate of for some sectors some of which are: collective public transport by road and subway of an urban semi-urban and metropolitan nature; health and education services; food for human consumption; personal hygiene and cleaning products among others. Furthermore the text establishes a reduction percentage of for independent professionals such as lawyers doctors accountants and artists.
The PEC establishes a tax refund for low-income people through a cashback which will be refunded on the electricity and cooking gas bill. Like other items mentioned here the measure depends on a complementary law to define the calculation and how the tax will be returned during the collection of the operation.
Transition time
The transition period proposed by the reform is seven years between and and from current taxes will be abolished. Throughout the proposed period however different stages will be implemented from the introduction of test rates to the gradual extinction of current taxes. This process aims to restructure the tax system introducing gradual changes to avoid sudden impacts on the collection of federal entities.
This is a way to increase revenue allowing other sectors to receive exemptions. However the list of products that will be subject to tax will still be defined by complementary law while their rates will be fixed by ordinary law.
While some products will have a surcharge others B2B Email List will have a complete exemption as is the case with basic basket items. Exempt products will be defined by complementary law which must consider the country's regional and cultural diversity ensuring a healthy and nutritionally balanced diet.
Exemptions
In addition to the basic food basket some items may be exempt from the new taxation such as medicines cars purchased for people with disabilities and those with Autism Spectrum Disorder rural producers and products for menstrual health for example. Although the approved text makes room for concession the measure depends on a complementary law.
Reduced rates
The approved proposal provides for a reduced rate of for some sectors some of which are: collective public transport by road and subway of an urban semi-urban and metropolitan nature; health and education services; food for human consumption; personal hygiene and cleaning products among others. Furthermore the text establishes a reduction percentage of for independent professionals such as lawyers doctors accountants and artists.
The PEC establishes a tax refund for low-income people through a cashback which will be refunded on the electricity and cooking gas bill. Like other items mentioned here the measure depends on a complementary law to define the calculation and how the tax will be returned during the collection of the operation.
Transition time
The transition period proposed by the reform is seven years between and and from current taxes will be abolished. Throughout the proposed period however different stages will be implemented from the introduction of test rates to the gradual extinction of current taxes. This process aims to restructure the tax system introducing gradual changes to avoid sudden impacts on the collection of federal entities.