Abstract
This legislative review presents a summary of the Ley Orgánica para el Fomento Productivo, Atracción de Inversiones, Generación de Empleo y Estabilidad y Equilibrio Fiscal (the “Law to Foster Production”) published in “Registro Oficial Suplemento” No. 309 of August 21, 2018 that provides certain tax and other incentives. The rationale behind the law is to amend the legal framework to foster an increase production, attract foreign direct investment and stimulate job creation.Among the benefits introduced by the Law to Foster Production, is the remission of 100% interest, fines and other charges stemming from overdue obligations to IRS, Social Security, customs, basic utilities by State-owned enterprises and other State entities. There is a 90-day term given to all debtors to pay principal from the overdue obligations and be exempt from interest, fines and other surcharges. In some cases, the debtor may request to pay principal in installments (up to three years).
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