Amendments to the Tax Code of El Salvador 2010 - Significant Changes In Inventories Treatments

The said paragraph reads as follows:

"During the first two months of each year, taxpayers with incomes osuperiores to two thousand seven hundred fifty-three monthly minimum wage, the tax shall presentarante form signed by the taxpayer, his legal representative Attorney and Accountant, which is attach the detail of the physical inventory cadauno practiced inventoried goods and the valuation thereof, on magnetic media oelectrónicos technical specifications provided by the Tax Authority "

This paragraph of Article 142 has confused some taxpayers who ask if we have to build on the first two months of the year to determine whether or not your business qualifies for this requirement, explaining a little paragraph, it indicates that those taxpayers with incomes or greater than $ 571,522.80 for the year must submit the reports required under that article.

One of those reports under Article 142A must contain at least the following requirements for submission:

"1. A header that identifies the record title, name of the taxpayer, períodoque covers, NIT, and NRC; (14) 2. Correlate of the operation; (14) 3. Date of the transaction, (14) 4. Number of Proof of Tax Credit, Credit Note, Debit Note, Consumer Facturade Final, excluded subject document referred to in Article 119 deéste Code Declaration of Goods or Customs Form corresponding segúnel case, (14) 5. the name, or trade name of the supplier; (14) 6. Nationality of the supplier; (14) 7. Description of the product purchased, specifying the features and identify fully permitanindividualizarlo, (14) 8. Source or reference book or retaceos costs local purchases where the cost for hasido taken, or if the reference to the cost sheet of oinforme was taken from the production cost of units produced, (14) 9. Number of units entering, (14) 10. Number of units coming out, (14) 11. Balance units, (14) 12. Amount monetary cost or price of the units entering, (14) 13. Amount monetary or cost price or sale by the If quesalen units, and (14) 14. Balance the amount of money existing units, at cost (14). "

Since the date of the movement clearly specify this format represents an kardex per item or per item inventory movements, which will be interesting to see the number of sheets for taxpayers with high volumes of commodities or movements.

Well I hope I have clarified the doubts.