• Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 6/19/2014

Venezuela - Customs system changes concerning foreign exchange rates 

June 19:  Venezuela’s tax and customs administration (SENIAT) announced changes to both versions—S++ and SW—of its automated customs system (Sistema Aduanero Automatizado or SIDUNEA) on the basis of foreign exchange agreements.

The purpose of these changes is to reflect application of exchange rates for foreign currency that is used for customs purposes (in other words, for purposes of foreign currency used to determine the tax base involving imported merchandise).

Consequently, importers must specify in Field 22 of the customs form (DUA), the corresponding code (USD, SI1 and SI2) for the applicable exchange rate and the mechanism used to obtain the foreign currency exchange rate (i.e., the “national center for international trade” (CENCOEX) and the “supplementary system for the administration of foreign currency” SICAD I and SICAD II).

The exchange rate that is thus determined must be in accordance with the rules for the source of the foreign currency as specified in Field 39 of the DUA, and pursuant to the quotas established under DIVISAS, SICAD I and SICAD II.

When the import operation implies the use of more than one exchange rate, the customs agent must apply a single customs return per each exchange rate because the SIDUNEA system only allows one exchange rate per customs return.

The records used for determining domestic taxes, made through use of the I-Aduanas tool, must indicate the origin of the foreign currency in the field of remarks.

For more information, contact a tax professional with KPMG in Venezuela:

Zulay Pérez Sánchez

+58 212 2777881

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