The budget of a City Council is a document approved by the Plenary which specifies the expenses that will be realized during the year and the expected income during the same period. All local entities are required to approve their budget for the year in the last quarter of the previous year. In this way, on January 1 of each year they must have their budget approved. However, if at the beginning of the year they had not approved the budget, the regulations establish that the previous year's budget is automatically extended.
Value Added Tax (VAT)
Tax that records the value that is incorporated into a product in the different phases of its production or commercialization.