Tax Office Announces Exemptions for Agricultural Sector

Tax Office Announces Exemptions for Agricultural Sector

The General Directorate of Internal Revenue (DHII) announced the application of a series of measures favoring the national farming and agricultural sector as a way of supporting the sector following the damage and losses caused by Tropical Storms Noel and Olga in addition to the current adverse conditions on the world market.

The DHII published the first General Norm of the Year 2008 which establishes the exemption from Activity Taxes, the exemption from anticipated Income Taxes and an exemption from Withholding Salary Tax on monies collected by the State, according to a press release from the Public Relations Department of the DHII.

In taking the decision, the Internal Revenue office looked at the situation in which Tropical Storms Olga and Noel left many farmers and agricultural workers with extraordinary losses in their farms and productive machinery located in the areas affected by these two harsh weather phenomena. The tax office took into consideration not just these adverse events but how they affected the production and marketing of certain items on the international marketplace.