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Economy Commission approves that tourism and restaurant mypes pay only 8% VAT

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The Economy Commission of the Congress of the Republic approved by majority the opinion issued in Bills 714/2021 and 2148/2021, which proposes the “Law that promotes economic reactivation measures for micro and small businesses in the categories: restaurants, hotels and tourist accommodation.

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The measure establishes a special and temporary rate of General Sales Tax (IGV) of 8% for micro and small businesses in the activities of restaurants, hotels, tourist accommodation, catering services and food dealers.

According to the legislative initiative that obtained 14 votes in favor, two against and zero abstentions, this special rate would be called “8% of the IGV to Rescue Employment”.

The purpose of the opinion is to support the economic reactivation of this business economic segment, which has suffered a strong impact as a result of the pandemic caused by Covid-19, and seeks to “make survival viable and avoid the closure of these activities”.

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It should be noted that currently companies in these sectors, like other economic activities, are subject to 18% VAT. The opinion that creates the special rate must still be debated and voted on in the plenary session of Congress.

Source: Larepublica

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