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16 February 2001
First, when restructuring negotiations are initiated, the amount of tax accrued and payable shall be determined by adding the following items:
Second, the term for the payment of tax obligations may negotiated to be up to five years (as prescribed by tax legislation). In exceptional cases this can be extended by the national tax director for an two years. However, a grace period may be agreed which cannot exceed two years, provided that all of the other creditors grant an equal or greater period.
Third, generally, the interest rate applied to accrued tax obligations may not be less than the other creditors' interest rate.
Finally, if the debtor defaults on the payment of restructured obligations, default interest will accrue at the highest of the following rates:
For further information on this topic please contact Daniel Posse or Alvaro José Rodriguez at Posse, Herrera & Ruiz Abogados by telephone (+57 1 312 3157) or by fax (+57 1 313 0259) or by e-mail (email@example.com or firstname.lastname@example.org).
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