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April 13, 2021

Chamber passes amendment to cooperative law

At a plenary session on Tuesday, the Chamber of Deputies passed a bill amending and supplementing the cooperative law.
The bill sets up the legal framework for the establishing, organising and operation of agri-food cooperatives, regulating the possibility for individual and family enterprises to be members of agricultural cooperatives.
The bill also provides for an exemption from the profit tax for the first 5 years in the life of agricultural cooperatives processing agricultural produce.
The bill says that in the case of microenterprise cooperatives, they should pay profit tax and be exempted from revenue taxes. The bill also provides for property tax exemption of immobile assets of cooperative members related to production capitalised on through an agriculture cooperative and for tax exemption of the members from the payment of the lease tax in the case of land taken under lease by a cooperative from its members.
The bill had cleared the Senate, and the Chamber of Deputies is a decision-making body in this case.

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