Revocable donations are now a taxable event subject to donation tax.
The tax exemption is eliminated on donations by individuals for any purpose from fully taxed resources according to the LIR, limited to 20% of their received income. Such donations are subject to the insinuation process.
The rules for valuing inherited, assigned or donated assets are amended. Their financial value must be calculated in accordance with the legal rules.
Tax payment order on request
The IRS obligation to immediately issue the tax payment order if the assets were valued under certain circumstances is also eliminated.
These amendments will become effective as of the first day of the month following the publication of the Law in the Official Gazette.