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Rules relating to the Tax Return and Payment of the Tax on Large Financial Transactions

Administrative Ruling SNAT/2016/0005, issued by the Superintendent of the National Integrated Service of Customs and Tax Administration  (Servicio Nacional Integrado de Administración Aduanera y Tributaria  - “SENIAT”), was published in Official Gazette  No. 40.835 of January 25, 2016. Said Ruling establishes the Rules relating to the Return and Payment of the Tax on Large Financial Transactions (“TLFT”).

 

The Administrative Ruling establishes as follows:

 

1. The payers of the TLFT are under the obligation to comply with this Administrative Ruling. Related taxpayer refers to a company that directly or indirectly participates in the direction, control or capital of another company or the cases in which the same persons directly or indirectly participate in the direction, control or capital of both companies.

2. The TLFT must be declared and paid as per the Schedule of Payments of the Value Added Tax (VAT) Withholdings for Special Taxpayers issued by the SENIAT. The tax return must be filed through the Fiscal Web Site following the technical specifications established in the same.

3. In the case of taxpayers not categorized as special taxpayers, when they file the return according to this Administrative Ruling, they must pay the tax through the Banks Receivers of National Funds, unlike the taxpayers categorized as special taxpayers, which must pay the tax through the Public Banking authorized to act as receiver of National Funds.

4. The taxpayers governed by this Administrative Ruling must keep available to the SENIAT detailed reports of the accounts showing the amount of the tax paid.

5. The taxpayers that fail to perform the obligations established in this Administrative Ruling will be penalized in accordance with the Organic Tax Code (OTC).

6. Fiscal Web Site will be understood as the web site http://www.seniat.gob.ve or any other one created by SENIAT to substitute for it.

 

The Administrative Ruling will become effective as from February 1, 2016.

 

In order to access the Administrative Ruling, please click here.

 

 

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