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##Third Period, 1974-1984
December 31,
1974 1974, the new principles of the tax code were enunciated: fair, simple, efficient and neutral from the point of view of individual decision-making (Decree N 110). The main modifications introduced were
1. Introduction of an inflation accounting mechanism, Monetary Correction, to protect tax revenues from inflation. Also, Tax Units replaced Vital Wages as basic measurement unit.
2. Finally, all rents derived from labor faced identical rates and brackets found in CGT.
