Last night, President Hipólito Mejia promulgated the fiscal amnesty law, together with various reforms of the Customs Import Duties Law. Publicity and promotional services will now be taxed at 6% retroactive to January 1st. Luis Gonzalez Fabra, the President’s Press Secretary, announced the enactment of Law 11-01 which provides a tax amnesty for the correction of errors in the sworn declarations of assets of tax payers. The new law also grants a tax amnesty to sole proprietorships, exempting them from certain tax provisions during the three most recent tax cycles. In an effort to help the environment, the President also signed into law the bill forbidding the importation of vehicles more than five years old.
