Internal Tax Office Announces Norms to Benefit Industry

The Internal Tax Office released General Norm No. 07-08 covering the “Release of Fiscal Proof of Payment in Industrial Companies” with the goal of facilitating the fulfillment of tax obligations among contributors.

[The norms] offer new benefits for industry. Once in effect, business people will only need to use one proof-of-payment form to cover all transactions…

The norms, to be in effect January 1, 2009, offer new benefits for industry. Once in effect, business people will only need to use one proof-of-payment form to cover all transactions.

According to General Norm No. 07-08, Legal Entities dedicated to Industrial Activity that are not covered in the Simplified Tax System for small contributors will not be able to give proof of payment invoices to their clients and consumers.

When qualifying industries sell to a legal or corporate entity, they will be able to emit the following invoices or proof of payment: those that generate costs or expenditures; Proof of Special Situation if they charge the contributor according to the Incentive Laws, and Government Invoices for sales to the State.

Decree No. 254-06, emitted on July 19, 2006 establishes the Law for printing, emitting and handing out of Proof of Payment Invoices.