Travieso Evans Arria Rengel & Paz

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Contribution Sports Law

The following link http://www.fondonacionaldeldeporte.gob.ve/fondo/ allows access to the Web Page of the Fondo Nacional para el Desarrollo del Deporte, la Actividad Física y la Educación Física (National Fund for Development of Sports, Physical Activity, and Physical Education) through which Page  the taxpayers subject to the contribution prescribed in the Organic Law on Sports, Physical Activity, and Physical Education must register to file the relevant return/statement and make payment of said contribution.

 

Be advised that according to article 68 of the Organic Law on Sports, Physical Activity, and Physical Education, the companies or other public and private organizations that perform economic activities for profitable purposes in the country, with an annual net profit or accounting profit exceeding twenty thousand Tax Units (20,000 TU, currently equivalent to Bs. 1,800,000.00) must make contributions to the Fondo Nacional para el Desarrollo del Deporte, la Actividad Física y la Educación Física. Said contribution will be of one percent (1%) of the net profit or accounting profit and may be paid in full to the Fondo Nacional para el Desarrollo del Deporte, la Actividad Física y la Educación Física; there is also the possibility of using fifty percent (50%) of the contribution for the execution of sports projects that are in the Bank of Sports Projects of the National Institute of Sports.

 

 

“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.”