A company that does not collect the Tax on Large Financial Transactions (Igtf) on payments with currencies or cryptocurrencies other than the Petro is exposed to severe sanctions, established in the current Organic Tax Code (COT), which consist of fines ranging from from 100% to 1,000% of the tax, depending on the offense and do not exclude prison sentences.
The warning was formulated by the Tax Advisory partner of the consulting firm PwC Venezuela, Ana Azevedo Paixão, as a reminder of the risks to which companies and individuals classified as Special Taxpayers who receive the Igtf are exposed if, for any reason, the tax authority consider unjustified, do not comply with the collection and its inclusion in the respective invoice.
In his Twitter account, Azevedo Paixão stated: “According to the COT, failure to receive taxes will be subject to a penalty of 500% of the amount of tax not received and for receiving less than 100%. In case of receiving the tax and not reporting it to the TA (Tax Authority) it would be subject to a penalty of 1000%, without prejudice to prison terms.
According to the COT, failure to receive taxes will be subject to a penalty of 500% on the amount of tax not received and for receiving less than 100%.
In case of receiving the tax and not reporting it to the TA, it would be subject to a 1000% sanction, without prejudice to prison sentences. pic.twitter.com/JSYF3TE5VV
— Ana Azevedo Paixão (@azevedopaixao) April 2, 2022
recommendations
On the other hand, the graduate in Fiscal Sciences and tax consultant, Héctor Orochena, presented this Sunday six recommendations to consumers forced to pay the Igtf if they cancel with foreign currency, crypto assets other than the Petro, or through platforms such as Zelle or PayPal.
– The Law obliges natural persons to pay the Igtf when they cancel with foreign currency or cryptocurrencies if the business is qualified by the Seniat as a Special Taxable Subject.
Consequently, consumers must make sure that the business where they buy has SPE status, especially if they intend to charge the tax in warehouses, small supplies, fairs and other similar businesses. Generally, the large commercial chains are special taxpayers, especially the chains of supermarkets and pharmacies.
Orochena continues with his recommendations:
– A provision of the Seniat forces the business to collect it when it receives the payment taxed by the Law.
– If the business collects the tax, it is obliged to reflect it on the invoice and the consumer can demand it.
– “The invoice delivered by the merchant with the Igtf reflected there is sufficient proof or support, it is not necessary to ask the merchant for something else (letter, certification or ruling from the Seniat, RIF consultation in the fiscal portal, etc.)”.
– Businesses are required to have invoice stubs for emergencies that can be used to indicate the Igtf, if there is no possibility of doing so automatically.
– The merchant cannot refuse to issue invoices and for this practice is exposed to being sanctioned by the Seniat.
Happy Sunday, a week after the IGTF comes into force, it seems that most people do not know what to do.
Here is something that I hope will help you… pic.twitter.com/bgaSytBlp6
– Héctor Orochena (@ServiTributos) April 3, 2022
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