UTM: Monthly tax unit. As defined in section 8 of Decree Law No. 830, published by the Official Gazette on 31 December 1974, the Tax Unit is the quantity of money, as determined by law and constantly updated, that serves as a benchmark for taxes. The annual tax unit is the unit in effect during the last month of the pertinent commercial year multiplied by twelve or by the number of months included in said commercial year. The monthly or annual tax unit shall always be denominated in pesos; figures under fifty cents shall be dismissed and figures equal to or over fifty cents shall be rounded off to the next higher whole number. Source: Tax Revenue Service (SII).
