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Contribution Organic Law on Sports

Partial Regulations Number 1 to the Organic Law on Sports, Physical Activity, and Physical Education (the “Regulations”) was published in Official Gazette N° 39.872 of February 28, 2012.

 

The Regulations govern the contributions to the National Fund for Development of Sports, Physical Activity, and Physical Education to be made by the companies or other public and private organizations that perform profit-making economic activities in the country, with an annual net earning or book profit exceeding twenty thousand Tax Units (20,000 TU, currently equivalent to Bs. 1,800,000.00). Said contribution must be of one percent (1%) of the net earning or book profit and it may be paid in full to the National Fund for Development of Sports, Physical Activity, and Physical Education. It is possible to allocate fifty percent (50%) of the contribution to the execution of sports projects of the Sports Project Bank of the National Institute of Sports.

 

As to said contribution, the Regulations also rules all maters relating to the registration of the taxpayers with the tax website of the National Fund for Development of Sports, Physical Activity and Physical Education, the obligation to file estimated and final returns, and the mechanism for such filing.

 

In order to access said Regulations, please click here.

 

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”