{"id":7628,"date":"2016-10-25T15:31:38","date_gmt":"2016-10-25T20:31:38","guid":{"rendered":"https:\/\/phrdev.pixelpro.website\/novedades\/tax-penalties-increase\/"},"modified":"2020-10-23T17:04:23","modified_gmt":"2020-10-23T22:04:23","slug":"tax-penalties-increase","status":"publish","type":"post","link":"https:\/\/phrlegal.com\/en\/novelties-en\/tax-penalties-increase\/","title":{"rendered":"TAX PENALTIES WOULD INCREASE"},"content":{"rendered":"<p><b>The Government proposes to increase the penalty for deficiency from 160% to 200%, and new penalties would be created.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The following penalties are to be amended: (i) late filing of the tax return; (ii) delinquent tax return; (iii) deficiency of the tax returns; (iv) improper tax refunds and\/or compensation penalties; among others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the most important changes refers to the reporting return of foreign held assets, which, if is untimely filed, would generate a penalty between 3% and 6% of the value of the assets. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For delinquent tax returns the penalty would be 160% of the unpaid tax, this would apply to different taxes.  <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In regards to the tax deficiency penalty, the Government proposes to increase it to 200% when the deficiency generates a lower tax due, increases the possible tax refund in improper fashion or generates more net operating losses (\u201c<\/span><span style=\"font-weight: 400;\">NOL<\/span><span style=\"font-weight: 400;\">\u201d) to be carried forward in the following taxable years.   <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If taxpayer voluntarily amend its tax return before starting the procedure of assessment and collection, the deficiency penalty for would be reduced either to 10% or 20% depending on whether the tax administration has previously issued a deficiency notice. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government proposes to increase the penalty for deficiency from 160% to 200%, and new penalties would be 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