Law No. 31666, published on December 31, 2022, enacted the Law for the Promotion and Strengthening of Aquaculture in order to promote its sustainable development and synergies among aquaculture companies nationwide.
The scope of the law is for all categories of the activity: Aquaculture of Limited Resources (AREL), Aquaculture of Micro and Small Enterprises (AMYPE) and Aquaculture of Medium and Large Enterprises (AMYGE). Also included are companies that carry out industrial processing (freezing, packaging or curing process) for preservation and marketing purposes.
The law establishes tax benefits of tax rates staggered by periods for the payment of third category income based on net income. Thus, for example, for net income lower than 1,700 UIT, the rate shall be 15% until 2032 and thereafter it shall be the rate corresponding to the general regime. For net income over 1,700 UIT, the rate shall be 15% until 2025, 20% until 2029, 25% until 2032 and thereafter it shall be the rate corresponding to the general regime. On the other hand, the law establishes for aquaculture a benefit applicable until December 31, 2031, of the depreciation for income tax purposes of 20% per year of the amount of the investments in aquaculture infrastructure, as well as in equipment associated with cultivation. It also establishes that the anticipated recovery of the IGV paid with purchases of capital goods, inputs, services and construction contracts in the pre-operative stage of the activity, established in Legislative Decree 973, is applicable. For the sale of aquaculture products in the country that are exempt from IGV, they shall be entitled to the tax reimbursement equivalent to the IGV recorded separately in the payment vouchers corresponding to their purchases, as well as that paid in their imports of capital goods, raw materials, inputs destined to the production of aquaculture activities.
Another important issue is the creation of the Financing and Guarantee Program for the Aquaculture Sector, under the CRECER Fund and the MYPYME Fund, which must have reimbursable and non-reimbursable funds.
