By means of Law 79 of March 20th, 2019 (Law 79), the National Assembly approved an extension of six months to the term for applying the Real Estate Property Tax moratorium that was originally established by article 15 of Law 66 of 2017, extending it until June 30th, 2019. Said term had been originally established until December 31st, 2017 and afterwards extended by means of Law 49 of 2018 until December 31st, 2018.

Since said term had already expired by the time the Bill 745 (which would eventually be approved as Law 79) was submitted for discussion, and taking into consideration that the objective of said Law is for the highest possible number of taxpayers to regularize their situation before the Tax Authority (DGI, as per its abbreviation in Spanish), Law 79 was approved as a social interest law and therefore will have retroactive effects until January 1st, 2019.

In addition to the foregoing, Law 79 grants a moratorium on late payment interest caused on Social Security quotas that independent individual workers may owe.

For both Real Estate Property Tax and Social Security obligations, Law 79 grants the right to enter into payment arrangements of up to two years for the cancellation of such obligations. Taxpayers would be exempt from the payment of surcharges and interest during those two years.