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 (the “Ruling”). The Ruling established the rules for readjustment of assets value, as well as the conditions and formalities for the declaration and payment of the Tax on Large Patrimonies (“TLP”) by the taxpayers categorized as special taxpayers and listed in article 1 of the Constitutional Law that created the Tax on Large Patrimonies (“CLTLP”).

The valuation rules referred to in article 16, number 3 (the value resulting from readjusting the purchase price of the urban or rural real property), article 20 (the higher value between the readjusted purchase price and the market going price of jewels, art pieces, and antiquities), and article 22 (the higher value between the market going price and the readjusted purchase price of the assets and rights for which no special valuation rule exists) of the CLTLP will be those published by the SENIAT in its fiscal web site.

The administrative authorities of the Municipal Power, upon their own initiative or upon the request from a party, must keep current the assessed value of the real property located in their jurisdiction, for purposes of the determination of the TLP.

The aforesaid taxpayers categorized as special taxpayers must declare the TLP on the basis of the rules established by the SENIAT to that end in its fiscal web site. The declaration and payment of the TLP must be made within the period from October 1 to November 30 of each year.

The taxpayers governed by the Ruling must keep available to the SENIAT the documents, registries, market value, assessed value readjusted on the date of the declaration, issued by the competent authority, and other documents that support the determination of the value attributable to the assets and rights showed in the TLP return.

The rules for readjusting the value attributable to the assets and rights referred to in articles 2, 3, and 5 of the Ruling will be applicable as from the second tax period and subsequent periods; therefore, for the first tax period, the taxpayers will declare the value of the patrimony that they have at the time of said declaration, without prejudice to the auditing and assessing powers that the Organic Tax Code confers on the SENIAT.

The declaration and payment for the first TLP period must be made within the period from October 1 to November 30, 2019.

Lastly, Administrative Ruling No. SNAT/2017/0002 of January 16, 2017, published in Official Gazette of the Bolivarian Republic of Venezuela No. 41.075 of January 16, 2017 was repealed. Said Ruling imposed on the legal persons categorized as special taxpayers the obligation to file the informative declaration of patrimony.

 

The Ruling became effective upon publication of the same in the Official Gazette.

In order to access the Ruling, please click here.

Should you have any question or comment, or require further information, please contact the partner in charge of your account via e-mail.