The Chamber of Senators approved the deputies version of the bill “That modifies articles 88 and 89 of Law No. 6,380/2019 on Modernization and Simplification of the National Tax System.”
In this way, 100% deductibility is achieved on personal and consumer purchases.
The initiative aims to allow the introduction of invoices for purchases made in supermarkets or similar businesses, which are related to items such as food, personal hygiene and medicines and thus be included as a VAT tax credit in the declarations before the Treasury each end of the month, which today is not allowed.
Lilian María Torres, director of Resistencia Contable, informed that this law, if enacted, will provide positive aspects in economic and social aspects.
“Here there is a sacrifice for the state coffers but it is an investment that will allow the economy to be formalized. This will generate a multiplier effect. On the other hand, it will be an incentive for new taxpayers since the people who are working in the black will be formalized and will be subject to financial programs”, he commented.
He stated that as demand increases, there will be more invoices issued, because there are many invoices that are not formalized.
“This will reduce evasion by 50%. With this, not only will VAT evasion decrease, this demand will demand greater national production and will generate revenue for Customs. Genuine income in the State. What the Government is going to receive is much greater, they are going to generate a greater culture, it is time for them to change their face”, he maintained.
Finally, he said that it is a much more creative way to combat smuggling because the businesses that were closed are going to increase and create new work spaces.
