RT2022: Isabel Espinoza comments on the modifications on inheritances and donations taxes

Today in Diario Financiero newspaper, our partner, Isabel Espinoza points out that “the most relevant modification is related to the valuation of the assets that are part of the estate (or that are donated). In this regard, the Reform introduces a complex set of rules applicable to different types of assets, with countless cross-references, which will surely generate various interpretation problems and difficulties in the application. Likewise, in certain cases it is required to certify the market value of the assets through reports prepared by independent agents, which, although it may be reasonable and necessary for certain specific cases, in others it could mean an excessive economic and time burden for taxpayers. Regarding real estate and vehicles, the tax appraisal rule is generally maintained, which is reasonable, since in most cases, the inheritance is made up almost exclusively of the property that served as the family’s residence, therefore, requiring appraisals with respect to said assets could significantly increase the cost of the effective possession process for most families.”

To read the article, here

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