Travieso Evans Arria Rengel & Paz

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Zero % rate for the TLFT generated by the transactions specified in the Decree

Decree No. 2.284 of March 18, 2016, issued by the President of the Republic was published in Official Gazette No. 40.872 of March 18, 2016. Said Decree  established a zero percent (0%) rate (0%) for the payment of the Tax on Large Financial Transactions (TLFT) on the debits made from the bank accounts belonging to establishments specialized in administration and management of labor  benefits and intended for the transfer of funds of the Socialist Cestatickets (food bonus) to the workers.

 

The Decree established the following:

 

1. A 0% rate for the payment of the TLFT on the debits made from the bank accounts belonging to the establishments specialized in administration and management of labor benefits and intended for the transfer of funds of the Socialist Cestatickets to the workers. Said establishments must have bank accounts solely and exclusively for making such transactions.

 

2. The Ministry of the Popular Power with competence over Banking and Finance will be in charge of the execution of the Decree.

 

The Decree became effective on March 18, 2016.

 

In order to access the Decree, 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.”