Clarify the tax treatment of financial derivatives and securitized transactions

At P1R3, draft legislation is under preparation.At P1R4, not observed. As reported to the Executive Board at the time of the Third Review, the reform was put on hold, as it would entail amendments to the VAT law and a suspension of income tax withholding difficult to justify with Congress, as the authorities have been resisting introducing other tax exemptions in the recent period.