Extension of tax benefits for mining and hydrocarbons exploration activities
This week the Congress approved the draft bill No 3674/2018-CR, which extends until 31 December 2019 the Value-Added Tax (VAT) and Municipality Promotion Tax (MPT) rebate benefit for mining and hydrocarbons exploration activities, granted pursuant to Laws No 27623 and No 27624, respectively. Even though the referred bill has not been enacted yet, considering its eminent enactment, it is advisable that all the holders of exploration investment contracts (mining or hydrocarbons) that want to extend their rebate benefit for 2019, file the extension application with the Ministry of Energy and Mines no later than 28 December 2018. This will entitle those investors to continue benefiting from the VAT and MPT rebate benefit as of January 2019, if their extension applications are ultimately approved.
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