Rate of exchange for taxes applicable to hydrocarbon primary activities
Through an Official Notice published in Official Gazette of April 4, 2017, the Venezuelan Central Bank informed the National Integrated Service of Customs and Tax Administration (Servicio Nacional Integrado de Administración Aduanera y Tributaria - SENIAT) and the general public that the rate of exchange for the determination of the taxable base of the internal taxes applicable to the primary activities of liquid and gaseous hydrocarbons would be that prescribed in article 1 of Exchange Agreement No. 35 of March 9, 2016, that is, the protected rate of exchange (tipo de cambio protegido – DIPRO).
In order to access the Official Notice, 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.”