University: Revenues decrease by more than S / 6 mlls. during 2018 | Trade | Economy | Peru

At the Meeting of the Creditors of Academic Sports today, Wednesday 25, convened by Gremco to amend the Club's By-Laws so that it may benefit exemption from income tax the current administration has not substantiated by technical support how said benefit would grant more liquidity to the 39, sports institution, reason for which said proposal was not approved, reported the Sunat

The Club gave losses in the last 3 years so financially any exemption from payment of income tax would have no effect. When they do not generate profits, they do not pay income tax.

It would not be viable to promote an amendment to the Statute to obtain a tax benefit, since the Insolvency Act establishes that in the event of liquidation, the debtor's assets will be used for Sunat, it is more efficient to generate new revenue from sponsorships, among others.

Comparison of first and second quarter revenues in 2018 shows that the Club's revenues decreased from over 11 million shillings in the first quarter to just over 5 million shillings in the second quarter which implies a total decrease of more than S / 6 million equivalent to 53% of first quarter revenues, according to the Indecopi Administration.

Similarly, should avoid the advance of its main income p or television rights having committed during the 2017 year more than three bills for this concept until the end of the year. in 2019 and rising to more than S / 4 and a half that the Club has ceased to receive, in addition to the financial cost that this represents

At the meeting of creditors, the administration The club also had to save, reduce expenses, advise and avoid further penalties and fines for delays and non-compliance with professional, fiscal and sporting duties, as well as ceasing the presentation. inconsistent information to the creditors and Indecopi, as acknowledged by the representatives of the administration at the meeting today.

During the year 2017, he could have managed a saving of about S / 5 million, as reported by administrator Indecopi

" Sunat reaffirms its support to the restructuring of the Sports University Club that will allow it to comply with the payment of their debts and ensure that they have economic, financial and sporting viability, "said the entity.