• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/2/2014

Venezuela - Treatment of bank levy, foreign currency losses 

May 2:  Courts in Venezuela have addresses tax issues concerning banks and financial institutions:
  • The Administrative Chamber of the Supreme Court (Sala Político Administrativa del Tribunal Supremo de Justicia) held that a 5% levy under Article 48 of the banking sector law is not to be considered to be a tax, but instead is a social contribution. The case identifying information is: No. 00257 (19 February 2014)
  • A court of tax disputes (Tribunal Superior Primero Contencioso Tributario) rejected the taxpayer’s deduction of losses from foreign currency exchange transactions. The case identifying information is: No. 1979 (6 February 2014)

Read an April 2014 report (Spanish) [PDF 1 MB] prepared by the KPMG member firm in Venezuela: Boletín Jurídico Tributario

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