EXEMPTION FROM IT PAYMENT – COOPERATIVES Decree No. 4.015 of October 23, 2019, issued by the President of the Republic, was published in Official Gazette No. 41.745 of October 24, 2019 (the “Decree”). According to the Decree, the taxable net income of territorial source obtained by Cooperatives organized under the Decree with the Force of…
VALUE OF UNIT FOR ARITHMETICAL CALCULATION OF MAXIMUM AND MINIMUM THRESHOLD (UCAU) Joint Resolution No. 012/2019 and No. 756/2019, issued by the Ministry of the Popular Power for Planning and the Ministry of the Popular Power for Economy and Finance, respectively, was published in Official Gazette No. 41.743 of October 22, 2019 (the “Resolution”). The…
REGIME APPLICABLE TO THE COMMERCIAL CREDITS GRANTED BY BANK INSTITUTIONS The Venezuelan Central Bank (VCB) issued Resolution No. 19-09-01, which was published in Official Gazette No. 41.742 of 10-21-2019 and entered into force on the second business day following its publication. Said Resolution established that upon the entry into force of the same, the…
INCREASE OF MINIMUM SALARY/ ADJUSTMENT OF CESTATICKET Presidential Decree No. 3.997 of October 11, 2019 was published in Official Gazette No. 6.484 Extraordinary of the same date. Said Decree increased the mandatory minimum monthly salary in all of the national territory. The increase became effective as from October 1, 2019 and the minimum salary…
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READJUSTMENT OF ASSETS VALUE/DECLARATION AND PAYMENT OF TAX ON LARGE PATRIMONIES Administrative Ruling No. SNAT/2019/00213 of August 19, 2019, 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. 41.697 of August 19, 2019…
CONSTITUTIONAL LAW THAT CREATES THE TAX ON LARGE PATRIMONIES (REPRINTED) An Official Notice dated August 15, 2019 was published in Official Gazette No. 41.696 of August 16, 2019. Said Notice corrected, due to an error in the form, the Constitutional Law that Creates the Tax on Large Patrimonies (the “Law”), issued by the National…
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TOTAL PROHIBITION AGAINST ADVERTISEMENT, PROMOTION AND SPONSORSHIP OF TOBACCO PRODUCTS Resolution No. 071 of July 18, 2019, issued by the Ministry of the Popular Power for Health, was published in Official Gazette No. 41.678 of July 19, 2019 (the “Resolution”). The Resolution established the guidelines for the total prohibition against advertisement, promotion and sponsorship,…
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