SPECIAL TAXPAYERS DESIGNATED AS TLFT RECIPIENT AGENTS

 

Administrative Ruling SNAT/2022/000013, 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. 42.339, dated March 17, 2022. Said Ruling designates the Special Taxpayers as recipient agents of the Tax on Large Financial Transactions (“TLFT”).

Among the most significant aspects, the Administrative Ruling established the following:

Special Taxpayers are designated TLFT responsible parties, in the capacity as recipient agents, for the payments received in a currency other than the legal currency of the country or in cryptocurrencies or cryptoassets other than those issued by the Bolivarian Republic of Venezuela, without the intervention of financial institutions, from natural and legal persons and unincorporated economic entities.

The tax must be received on the same day when the taxable event occurs.

In order to deliver the tax received to the relevant tax office, the recipient agents must: (i) make the biweekly transfer in accordance with the specifications contained in the technical Set of Instructions established by the SENIAT for such purpose; (ii) file a declaration through the fiscal web site and pay the amounts received at the Offices that Receive National Funds, on a biweekly basis, as per the schedule of payments of Value Added Tax (VAT) withholdings for special taxpayers, in accordance with the specifications contained in the technical Set of Instructions established by the SENIAT for such purpose.

In the event of undue receipt of the tax or delivery to the relevant tax office of amounts in excess of those actually received and if the amount is transferred to the National Treasury, the Special Taxpayer must reimburse the taxpayer for the amount unduly received and afterwards request a refund from SENIAT.

The Special Taxpayers that use fiscal machines must adjust them in order to show in the invoice the tax rate and the TLFT; the Special Taxpayers that issue invoices in free format, in addition to the requirements established in the Administrative Ruling on “General Rules for Issue of Invoices and other Documents”, must show in the invoice the tax rate and the amount of the TLFT. In the case of invoices in printed formats, the tax rate and the TLFT amount may be showed manually, until said formats are exhausted.

The Administrative Ruling will become effective as from March 28, 2022.

This Managerial Alert was prepared on the basis of a copy of the Official Gazette that circulated through non-official media. Once the Official Gazette is published by the Imprenta Nacional (Venezuelan printing house), this information will be verified.

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