Representatives of the private sector and the government have reached an agreement regarding the new Tax Code.

Among the reforms included in the new legislation are the progressive sanctions, avoiding the sudden closure of businesses and massive blockage of National Tax Registrations (RTN by its Spanish acronym). Additionally, it has been anticipated that companies will no longer need to hire an auditing firm in order to determine prices between related parties, regarding statements of transfer pricing.

Other new provisions aim to provide access to justice in case of disagreement concerning the imposition of a sanction, such as the creation of tax courts. This new legislation, which aims to triplicate the number of taxpayers that are incorporated in the tax system, will soon be presented to the National Congress for approval.