IT PAYMENT EXEMPTION DECREE – PRIMARY EXPLOITATION OF AGRICULTURAL ACTIVITIES Decree No. 3.920 of July 19, 2019, issued by the President of the Republic, was published in Official Gazette No. 41.678 of July 19, 2019 (the “Decree”). The Decree establishes an exemption from Income Tax (“IT”) for the net income from Venezuelan source deriving…
CONSTITUTIONAL LAW THAT CREATES THE TAX ON LARGE PATRIMONIES The Constitutional Law that Creates the Tax on Large Patrimonies, issued by the Constituent National Assembly, was published in Official Gazette No. 41.667 of July 3, 2019 (the “Law”). The tax will be imposed on the net worth of special taxpayers with a patrimony…
06-newsletter-June-2019-ing
EXTENSION OF TIME FOR ASSESSMENT AND PAYMENT OF THE CONTRIBUTION TO SCIENCE AND TECHNOLOGY Administrative Ruling No. 015-030 of June 10, 2019, issued by the Board of Directors of the National Fund of Science, Technology, and Innovation (Fondo Nacional de Ciencia, Tecnología e Innovación – “FONACIT”) was published in Official Gazette No. 41.663 of…
REGLAMENTO DE LA LEY DE PROTECCIÓN SOCIAL AL TRABAJADOR Y A LA TRABAJADORA CULTURAL En Gaceta Oficial Nro. 41.661 de fecha 25 de junio de 2019, fue publicado el Decreto Presidencial Nro. 3.892 mediante el cual fue dictado el Reglamento de la Ley de Protección Social al Trabajador y a la Trabajadora Cultural (en lo…
05-newsletter-May-2019-ing
TERM OF THE NATIONAL CONSTITUENT ASSEMBLY A Constituent Decree whereby the National Constituent Assembly (Asamblea Nacional Constituyente – “ANC”) establishes the period of time of its operation at least until December 31, 2020 was published in Official Gazette No. 41.636 of May 20, 2019 (the “Decree”). Likewise, the ANC ordered the notification of the…
VALUE OF UNIT FOR ARITHMETICAL CALCULATION OF MAXIMUM AND MINIMUM THRESHOLD (UCAU) Joint Resolution No. 003/2019 and No. 023/2019, 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. 41.635 of May 17, 2019 (the “Resolution”).…
FOREIGN EXCHANGE INTERMEDIATION INDEX Resolution No. 19-05-02, issued by the Venezuelan Central Bank (“VCB”), was published in Official Gazette No. 41.633 of May 15, 2019 (the “Resolution”). Said Resolution established that the banking institutions governed by the Law of Institutions of the Banking Sector, in the frame of the execution of the transactions of…
BANK INSTITUTIONS AUTHORIZED TO ACT AS EXCHANGE OPERATORS Resolution No. 19-05-01, issued by the Venezuelan Central Bank (“VCB”), was published in Official Gazette No. 41.624 of May 2, 2019 (the “Resolution”). The Resolution established that the “bank institutions governed by the Decree with the Status, Value, and Force of Law of the Banking Sector…
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