The newly approved project establishes tax calculations based on the historical value of the properties, not applying the rates developed by the Ministry of Finance in 2008.

The tables compiled by the Ministry of Finance “equate the value of agricultural land to urban and tourism projects, which made the price of farms engaged in agriculture go through the roof”, reported Nacion.com

This bill, passed on the first reading, is far removed from the original submitted by the Executive which proposed a 80% exemption from the tax.

The approved plan also provides for a maximum period of four years for the government to conduct an agricultural census and from that, take a new table for the calculation of the value of agricultural properties.

Source: Nacion.com