The Bill on arrangements for exemptions and those not subject to paying taxes, its award and control over their use and destination eliminates exemptions, which for the most part, were valid only once, and other technically criteria and updates.

Nacion.com reports that the bill "... empowers the Treasury to revoke exemptions for misuse of benefits ... and the possibility of imposing sanctions and penalties, as current laws have no such power."

Helio Fallas, minister of Finance, "... explained that the project aims to put in order the tax exemptions granted by the State and generate new revenue for the treasury."

Source: Nacion.com

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