UPDATE TO THE ANNUAL INCOME OF THE SOCIETY BY SIMPLIFIED SHARES (SAS)

12/1/2021

On December 24, 2020, disclosed in the Official Gazette the updated amount of total annual income that a Simplified Stock Company may not exceed pursuant to article 260 of the General Law of Commercial Companies to be considered as such, which was established at $ 5,860,670.96

The calculation of Update factor is obtained by dividing the INPC for November 2020 (108,856) by the INPC for the month of November 2019 (105,346), so the resulting factor is 1.0333. Said factor applied to the current amount for 2020 of $ 5’671,800.02, returns the updated amount of $ 5’860,670.96

It is worth mentioning that due to an error in the calculation of the update factor for fiscal year 2019, derived from considering indices at different bases, the updated amount remained at $ 5’508,206.29 both in 2018 and 2019. The Ministry of Economy did not publish any correction in this regard, since if it had been done, the updated amount for 2021 would be $ 6’136,709.60