2019 Managerial Alerts
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…
EXTENSION OF THE TIME PERIOD FOR FILING THE UPDATED SWORN DECLARATION OF PROPERTY OWNED The Comptroller General’s Office of the Republic, through Resolution No. 01-00-000420, published in Official Gazette No. 41.683 of July 30, 2019, resolved to extend from August 1st to August 31st, 2019 the period of time for filing the updated sworn…
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,…
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…
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…
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…
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