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The new Law on Income Tax is complex and is not in line with the formalization of the economy.
This is the position of the American Chamber of Commerce regarding the new draft of the government, according to which it does not meet the basic criteria. In such circumstances, the American Chamber proposes a timely extension of the public consultation period.
“The draft law does not meet 3 of the 4 main criteria, which is that of compliance with international accounting. We have noticed that there are some expenses that are outside the fiscalization structures. So the two laws seem to be inconsistent with each other. We think that the element of competitiveness is not met. This is a very complex law and we suggest extending the time of public consultation, ”said Enio Jaço, American Chamber of Commerce
The American Chamber also criticizes the fiscal amnesty. Despite the fact that the draft has undergone changes, according to her it creates paths for the risk of money laundering, going in the same line with the position of the international factor.
“We want more time to fully analyze it. If the draft has been consulted with the internationals and we are pro. The problem we have had with fiscal amnesty relates to 2-3 principles with the space and opportunity it creates for money laundering and tax evasion. This is a problem we have, as well as international partners. Our concerns continue to be serious about this law. It also creates space for unfair competition. Said Enio Jaço, American Chamber of Commerce
According to the head of the American Chamber Enio Jaço, the climate of doing business in the country is unfavorable and the government should commit to improving the situation both in terms of simplifying the tax system and the fight against evasion. It has addressed about 40 recommendations to the executive to make the country more competitive for foreign investors.
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