The Ministry of Finance recently published a notice on its website to clarify various aspects of the Capital Gains Tax, which is due to be collected as of July 1, 2019.
We summarize below some of the most important aspects mentioned in the indicated notice.
The declaration and payment of capital gains tax must be attended by the natural or legal person who transmits or sells the property, not by the person who acquires it.
The form to be used is D-162 “Declaration of Capital Gains and Losses”.
To calculate the amount to pay the tax, both the value for which the asset was acquired and the value for which it is being transmitted must be considered. The tax will be the one that results from applying the 15% rate, to the amount obtained when the initial acquisition value is subtracted from the value of the transmission or sale.
If the sale is of a property purchased prior to the entry into force of the law, that is, a property purchased before July 1, 2019, the transferor may choose to apply 15% in the manner indicated above, or either a rate of 2.25% on the total value of transmission.
It is very important to take into account that according to Law 9635 of Strengthening of Public Finances, the acquisition value is the real amount for which the good was obtained, and it will be defined based on the valuation rules provided in article 30 bis of the Income Tax Law, No. 7092, and its reforms and in article 37 of its Regulations. The tax value of the property must not be used for these purposes.