The Ministry of Finance published Executive Decree No. 45920, which updates the procedure for determining the value of new and used vehicles that will serve as the basis for calculating the taxes applicable to their importation.
Under the new regulation, the declared value in the commercial invoice, including freight and insurance, will be compared with the corresponding agricultural value for an identical vehicle registered by the Ministry of Finance. For purposes of calculating import taxes, the amount that results in the higher value will be used.
In those cases where the vehicle is not included in the official list, the importer must provide the necessary technical information to determine its value in an objective manner. The Directorate General of Taxation will be responsible for administering and updating this list in accordance with the established technical guidelines.
The decree also includes a measure aimed at formalizing commercial activity. Natural persons who are not registered as taxpayers in the vehicle sales activity will be able to import only one vehicle per year. To import a larger amount, they must register in the corresponding economic activity.
According to the Treasury, the new regulations aim to reduce practices of underreporting and undervaluing vehicles, the tax evasion associated with which is estimated at approximately ¢20.000 million.