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In Pursuit of a Modern Tax System to Accommodate Foreign Investment. Case Study: Venezuela

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Taxation and Development - A Comparative Study

Part of the book series: Ius Comparatum - Global Studies in Comparative Law ((GSCL,volume 21))

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Notes

  1. 1.

    An explanation of the difference between tax system and tax regime seems appropriate here as it will prove useful later on in this report. A tax system is understood as the integrated and coordinated set of taxes (imposts, fees and special contributions) forming part of the laws and regulations and ruled by the constitutional principles of taxation, becoming a rational and reasonable whole. Meanwhile, a tax regime refers to a group of overimposed taxes that do not constitute an organized, logical and integrated set and do not abide by the constitutional principles of taxation as a fundamental piece of a country’s tax order. In this respect, vid. ABACHE CARVAJAL, Serviliano and BURGOS-IRAZÁBAL, Ramón, «Parafiscalidad, sistema tributario y Libertad», in HERRERA ORELLANA, Luis Alfonso (Coord.), Enfoques actuales sobre Derecho y Libertad en Venezuela, Academy of Political and Social Sciences, Caracas, 2013, pp. 275–280.

  2. 2.

    Official Gazette of the Republic of Venezuela No. 38.628, February 16, 2007.

  3. 3.

    Cf. BAZÓ PISANI, Andrés E., «Incentivos fiscales y otras políticas tributarias ofrecidas por países en desarrollo. ¿Atraen inversión extranjera o desestabilizan la economía?», in DUPOUY M., Elvira and DE VALERA, Irene (Coord.), Temas de actualidad tributaria. Homenaje a Jaime Parra Pérez, Academy of Political and Social Sciences –Venezuelan Association of Tax Law, Caracas, 2009, p. 155.

  4. 4.

    Cf. Ibid., p. 153.

  5. 5.

    Cf. EVANS MÁRQUEZ, Ronald, Régimen jurídico de la doble tributación internacional, McGraw-Hill, Caracas, 1999, p. 6.

  6. 6.

    Cf. Ibid., p. 8.

  7. 7.

    Official Gazette of the Republic of Venezuela No. 20.851, July 17, 1942.

  8. 8.

    On these exceptions, vid. CARMONA BORJAS, Juan Cristóbal, «Principios de la renta mundial y de la renta territorial», in DE VALERA, Irene (Organizer), Comentarios a la Ley de Impuesto sobre la Renta, Academy of Political and Social Sciences-Venezuelan Association of Tax Law, Caracas, 2000, pp. 23–29, and CARMONA BORJAS, Juan Cristóbal, «Factores de conexión en la legislación venezolana en materia de impuesto sobre la renta», in SOL GIL, Jesús (Coord.), 60 años de imposición a la renta en Venezuela. Evolución histórica y estudios de la legislación actual, Venezuelan Association of Tax Law, Caracas, 2003, pp. 163–167.

  9. 9.

    Official Gazette of the Republic of Venezuela No. 5.390, Extraordinary Issue, October 22, 1999.

  10. 10.

    Official Gazette of the Republic of Venezuela No. 38.628, February 16, 2007.

  11. 11.

    For a detailed study of territorial and worldwide income effective in Venezuela, vid. PAREDES, Carlos Enrique, El principio de territorialidad y el sistema de renta mundial en la Ley de Impuesto sobre la Renta venezolana, Andersen Legal, Caracas, 2002, 283 p.

  12. 12.

    Cf. ROCHE, Emilio J., «Transparencia fiscal internacional», in SOL GIL, Jesús (Coord.), 60 años de imposición a la renta en Venezuela. Evolución histórica y estudios de la legislación actual, Venezuelan Association of Tax Law, Caracas, 2003, p. 670.

  13. 13.

    According to the First Paragraph of Article 7 of the ITL, entities assimilated to stock companies means: limited liability companies, (ii) limited stock partnerships (comandita simple por acciones) (iii) civil associations, and (iv) irregular or de facto associations incorporated as stock companies, as limited liability companies, or as limited partnerships.

  14. 14.

    For an analysis of the criteria regarding the accounting system that applies for declaring and paying dividends in Venezuela (historical accounting or updated accounting, i.e., inflation-adjusted), vid. ROCHE, Emilio J., «De la entrada en vigencia de la reforma de la Ley de Impuesto sobre la Renta de 2001 y del régimen sobre dividendos», Impuesto sobre la Renta e ilícitos fiscales. VI Jornadas venezolanas de Derecho tributario, Venezuelan Association of Tax Law, Caracas, 2002, pp. 159–179; and ROMERO-MUCI, Humberto, «Naturaleza jurídica de los principios de contabilidad de aceptación general en Venezuela y su incidencia en la determinación de la renta financiera para el cálculo del impuesto sobre la renta de dividendos (análisis de los artículos 67 y 91 de la Ley de Impuesto sobre la Renta)», Impuesto sobre la Renta e ilícitos fiscales. VI Jornadas venezolanas de Derecho tributario, Venezuelan Association of Tax Law, Caracas, 2002, pp. 181–251.

  15. 15.

    Cf. ROCHE, Emilio J., «Parte general del Impuesto sobre la Renta. Relatoría Tema I», in KORODY TAGLIAFERRO, Juan Esteban (Coord.), 70 años del Impuesto sobre la Renta. Memorias de las XII Jornadas Venezolanas de Derecho Tributario, volume II, Venezuelan Association of Tax Law, Caracas, 2013, p. 151.

  16. 16.

    DNI: Dividend net income; NI: net income; TNI: taxed net fiscal income; EI: exempt or exonerated income; DRT: dividends received from third parties. In a similar sense, Cf., Idem.

  17. 17.

    In this respect, vid. VECCHIO D., Carlos A., El impuesto al dividendo presunto de las sucursales. Especial referencia a los tratados para evitar la doble tributación, Venezuelan Financial Law Association, Caracas, 2004, 151 p.

  18. 18.

    Cf. ROCHE, Emilio J., «Transparencia fiscal…», cit., p. 666.

  19. 19.

    Cf. DÍAZ IBARRA, Valmy J., «Las reglas de transparencia fiscal internacional en Venezuela. Consecuencias de la vinculación de contribuyentes venezolanos con sociedades en “paraísos fiscales”», in DUPOUY M., Elvira and DE VALERA, Irene (Coord.), Temas de actualidad tributaria. Homenaje a Jaime Parra Pérez, Academy of Political and Social Sciences-Venezuelan Association of Tax Law, Caracas, 2009, p. 341.

  20. 20.

    Cf. ROCHE, Emilio J., «Transparencia fiscal…», cit., pp. 667–669.

  21. 21.

    Official Gazette of the Republic of Venezuela No. 37.924, April 26, 2004.

  22. 22.

    Cf. DÍAZ IBARRA, Valmy J., op. cit., p. 358.

  23. 23.

    While in tax havens the collection of income tax is not part of public finances and those places are promoted as an escape for residents of jurisdictions with high levels of taxation, jurisdictions with harmful tax competition elements are often characterized by collecting important sums of income tax and offering tax benefits for specific activities. Cf. Ibid., pp. 341–342.

  24. 24.

    Cf. FALCÓN Y TELLA, Ramón and PULIDO GUERRA, Elvira, Derecho fiscal internacional, Marcial Pons, Madrid, 2010, p. 243.

  25. 25.

    Cf. ROCHE, Emilio J., «Transparencia fiscal…», cit., p. 673.

  26. 26.

    Cf. Idem.

  27. 27.

    Ibid., pp. 674–675.

  28. 28.

    Cf. DÍAZ IBARRA, Valmy J., op. cit., pp. 352–353.

  29. 29.

    Official Gazette of the Republic of Venezuela No. 36.860, December 30, 1999, later reprinted with some corrections in the Official Gazette of the Republic of Venezuela No. 5.453, Extraordinary Issue, March 24, 2000. Its first amendment as well as the whole text of the Constitution was published in the Official Gazette of the Republic of Venezuela No. 5.908 Extraordinary Issue, February 19, 2009.

  30. 30.

    EVANS MÁRQUEZ, Ronald, Régimen jurídico… cit., p. 12.

  31. 31.

    Cf. DÍAZ IBARRA, Valmy J., op. cit., pp. 353–354.

  32. 32.

    Cf. ANDRADE, Betty, «La subcapitalización y los precios de transferencia en el régimen venezolano», Jornadas Internacionales. Cuestiones actuales de Derecho tributario, Foundation of Administrative Law Studies, Caracas, 2007, p. 218.

  33. 33.

    Cf. FALCÓN Y TELLA, Ramón and PULIDO GUERRA, Elvira, op. cit., p. 231.

  34. 34.

    Cf. Idem.

  35. 35.

    Cf. Ibid., p. 223.

  36. 36.

    Cf. FRAGA PITTALUGA, Luis, «Subcapitalización y reclasificación de los intereses no deducibles», in KORODY TAGLIAFERRO, Juan Esteban (Coord.), 70 años del Impuesto sobre la Renta. Memorias de las XII Jornadas Venezolanas de Derecho Tributario, volume II, Venezuelan Tax Law Association, Caracas, 2013, pp. 374–375.

  37. 37.

    Cf. Ibid., pp. 375–376.

  38. 38.

    Cf. Ibid., pp. 406–407.

  39. 39.

    Cf. Ibid., pp. 420–421. In the same sense, vid. CASTILLO CARVAJAL, Juan Carlos, «Relatoría general. Tema II. Temas especiales de la Ley de Impuesto sobre la Renta», in KORODY TAGLIAFERRO, Juan Esteban (Coord.), 70 años del Impuesto sobre la Renta. Memorias de las XII Jornadas Venezolanas de Derecho Tributario, volume II, Venezuelan Association of Tax Law, Caracas, 2013, p. 57. Against, vid. ANDRADE, Betty, op. cit., pp. 257–260.

  40. 40.

    Cf. FALCÓN Y TELLA, Ramón and PULIDO GUERRA, Elvira, op. cit., pp. 197–198.

  41. 41.

    For a detailed study of Tax Administration cooperation, with special reference to the Venezuelan case, vid. CARMONA BORJAS, Juan Cristóbal, «Colaboración y asistencia mutua entre Administraciones tributarias», Revista de Derecho Tributario, No. 100, Venezuelan Association of Tax Law, Caracas, 2003, pp. 161–219.

  42. 42.

    Article 122 of the Venezuelan Organic Tax Code (Official Gazette of the Republic of Venezuela No. 37.301, October 17, 2001), sets forth that: «The Tax Administration will have the faculties, powers and duties prescribed in the Tax Administration Act and other laws and regulations and it may especially: (…) 11. Enter into inter-institutional information exchange agreements with local and international agencies provided that the classified nature of such information is protected as set forth in Article 126 of this Code and ensuring that the information supplied will be used by tax competent authorities only». According to Article 126 eiusdem: «Any information and documentation obtained by any means by the Tax Administration will be classified and will be communicated only to the judicial or any other authority in the cases set forth by the laws. Any inappropriate use of classified information will bring about the application of the respective penalties».

  43. 43.

    Cf. LEÓN ROJAS, Andrés Eloy, «La doble tributación internacional. Diferencia entre países desarrollados y en desarrollo», IV Jornadas Venezolanas de Derecho Tributario, Venezuelan Association of Tax Law, Caracas, 1998, p. 324.

  44. 44.

    Official Gazette of the Republic of Venezuela No. 34.772, August 8, 1991.

  45. 45.

    Decree No. 2.492 of 4 July 2003, Official Gazette of the Republic of Venezuela No. 37.734, July 17, 2003.

  46. 46.

    Official Gazette of the Republic of Venezuela No. 36.096, November 29, 1996.

  47. 47.

    Official Gazette of the Republic of Venezuela No. 5.145, Extraordinary Issue, April 30, 1997.

  48. 48.

    Official Gazette of the Republic of Venezuela No. 36.249, July 16, 1997.

  49. 49.

    Created by Decree No. 3.112, of 16 December 1998, dictating the Regulations on the Free Port of Santa Elena de Uairén System, Official Gazette of the Republic of Venezuela No. 5.288, Extraordinary Issue, January 13, 1999.

  50. 50.

    Created by the Free Port Act of the State of Nueva Esparta, of 3 August 2000, Official Gazette of the Republic of Venezuela No. 37.006, August 3, 2000.

  51. 51.

    Consulted in:

    http://www.seniat.gob.ve/portal/page/portal/MANEJADOR_CONTENIDO_SENIAT/04ADUANAS/4.4REGIMENES_TERRITOR/4.4.1PUERTOS_LIBRES/4.4.1.1SANTA_ELENA, February 15, 2014.

  52. 52.

    Consulted in:

    http://www.seniat.gob.ve/portal/page/portal/MANEJADOR_CONTENIDO_SENIAT/04ADUANAS/4.4REGIMENES_TERRITOR/4.4.1PUERTOS_LIBRES/4.4.1.2NUEVA_ESPARTA, February 15, 2014.

  53. 53.

    Created by the Act on the Cultural, Scientific and Technology Free Zone of the State of Merida, of July 14, 1995, Official Gazette of the Republic of Venezuela No. 4.937, Extraordinary Issue, July 14, 1995; expounded by the Regulations on Cultural, Scientific and Technology Free Zone of the State of Merida, of September 9,1998, Official Gazette of the Republic of Venezuela No 36.611, December 19, 1998.

  54. 54.

    Created by the Act on Creation and Regime of the Free Zone for Tourist Investment Development of Paraguaná Peninsula, State of Falcón, of August 6, 1998, Official Gazette of the Republic of Venezuela No. 36.517, August 14, 1998.

  55. 55.

    Cf. EVANS MÁRQUEZ, Ronald, «Los convenios para evitar la doble tributación internacional y otros aspectos internacionales de la política tributaria venezolana», in DE VALERA, Irene (Organizer), Comentarios a la Ley de Impuesto sobre la Renta, Academy of Political and Social Sciences-Venezuelan Association of Tax Law, Caracas, 2000, p. 58.

  56. 56.

    Cf. BAZÓ PISANI, Andrés E., op. cit., p. 172.

  57. 57.

    Cf. EVANS MÁRQUEZ, Ronald, «Los convenios para evitar…» cit., p. 59.

  58. 58.

    On the matter, vid. PALACIOS MÁRQUEZ, Leonardo, «Medidas fiscales para el desarrollo económico», Revista de Derecho Tributario, N° 97, Venezuelan Association of Tax Law, Caracas, 2002, pp. 179–224, and SOL GIL, Jesús, «Medidas fiscales adoptadas en Venezuela para el desarrollo económico», Revista de Derecho Tributario, N° 97, Venezuelan Association of Tax Law, Caracas, 2002, pp. 225–248.

  59. 59.

    For a study on the tax aspects of MERCOSUR and, in general, of Latin American integration, vid. VALDÉS COSTA, Ramón, «Aspectos fiscales de la integración con especial referencia a América Latina», Revista de Derecho Tributario, N° 58, Venezuelan Association of Tax Law, Caracas, 1993, pp. 7–18.

  60. 60.

    On ALADI and tax harmonization in Latin America, vid. MONTERO TRAIBEL, José Pedro, «La armonización tributaria en los procesos de integración», IV Jornadas Venezolanas de Derecho Tributario, Venezuelan Association of Tax Law, Caracas, 1998, pp. 279–311.

  61. 61.

    Cf. ATENCIO VALLADARES, Gilberto, «Cuestiones tributarias del Mercosur: aproximaciones desde el Derecho tributario venezolano», Revista de Derecho Tributario, No. 141, Venezuelan Association of Tax Law, Caracas, 2014, pp. 8–14.

  62. 62.

    Cf. ABACHE CARVAJAL, Serviliano, «La responsabilidad patrimonial del Estado “Administrador, Juez y Legislador” tributario venezolano. Especial referencia al paradigmático caso del procedimiento de verificación» (National Report - Venezuela), Memorias de las XXV Jornadas Latinoamericanas de Derecho Tributario, volume II, Abeledo Perrot-Latin American Institute of Tax Law-Colombian Institute of Tax Law, Buenos Aires, 2010, pp. 349–350.

  63. 63.

    Cf. ABACHE CARVAJAL, Serviliano and BURGOS-IRAZÁBAL, Ramón, «Parafiscalidad… » cit., p. 256.

  64. 64.

    Cf. ROSS, Maxim, ¿Capitalismo salvaje o Estado depredador?, Editorial Alfa, Caracas, 2008, pp. 21–22.

  65. 65.

    Cf. RONDÓN GARCÍA, Andrea, HERRERA ORELLANA, Luis Alfonso and ARIAS CASTILLO, Tomás A., «Case Study: Private Property Abolition in Venezuela», International Property Rights Index. 2010 Report, American for Tax Reform Foundation/Property Rights Alliance, Washington, 2010, pp. 55–57.

  66. 66.

    Consulted in: http://www.internationalpropertyrightsindex.org/profile?location=Venezuela, February 16, 2014.

  67. 67.

    On the various possible interpretations of the 5 year term for using the credit, vid. ROCHE, Emilio J., «Parte general…», cit., pp. 141–148.

  68. 68.

    Vid. Ruling of the Supreme Court of Justice, Political-Administrative Chamber, case: Goodyear de Venezuela C.A., March 4, 2008.

  69. 69.

    Cf. EVANS MÁRQUEZ, Ronald, «Los convenios para evitar…» cit., p. 61.

  70. 70.

    Cf. Idem.

  71. 71.

    Consulted in: http://www.conapri.org, February 15, 2014.

  72. 72.

    Official Gazette of the Republic of Venezuela No. 36.383, January 28, 1998.

  73. 73.

    Official Gazette of the Republic of Venezuela No. 35.578, November 1st, 1994.

  74. 74.

    Official Gazette of the Republic of Venezuela No. 4.853, Extraordinary Issue, February 8, 1995.

  75. 75.

    Official Gazette of the Republic of Venezuela No. 38.894, March 24, 2008.

  76. 76.

    Official Gazette of the Republic of Venezuela No. 37.357, January 4, 2002.

  77. 77.

    Official Gazette of the Republic of Venezuela No. 36.268, August 13, 1997.

  78. 78.

    Official Gazette of the Republic of Venezuela No. 5.207, Extraordinary Issue, January 20, 1998.

  79. 79.

    Official Gazette of the Republic of Venezuela No. 36.383, January 28, 1998.

  80. 80.

    Official Gazette of the Republic of Venezuela No. 37.913, April 5, 2004.

  81. 81.

    Official Gazette of the Republic of Venezuela No. 4.830, Extraordinary Issue, December 29, 1994.

  82. 82.

    Official Gazette of the Republic of Venezuela No. 5.080, Extraordinary Issue, July 23, 1996.

  83. 83.

    Official Gazette of the Republic of Venezuela No. 4.802, Extraordinary Issue, November 2, 1994.

  84. 84.

    Official Gazette of the Republic of Venezuela No. 36.281, September 1st, 1997.

  85. 85.

    Official Gazette of the Republic of Venezuela No. 37.896, March 11, 2004.

  86. 86.

    Official Gazette of the Republic of Venezuela No. 36.010, July 30, 1996.

  87. 87.

    Official Gazette of the Republic of Venezuela No. 38.389, March 2, 2006.

  88. 88.

    Official Gazette of the Republic of Venezuela No. 5.089, Extraordinary Issue, July 23, 1996.

  89. 89.

    Official Gazette of the Republic of Venezuela No. 36.301, September 29, 1997.

  90. 90.

    Official Gazette of the Republic of Venezuela No. 4.846, Extraordinary Issue, January 26, 1995.

  91. 91.

    Official Gazette of the Republic of Venezuela No. 36.266, August 11, 1997.

  92. 92.

    Official Gazette of the Republic of Venezuela No. 36.002, July 17, 1996.

  93. 93.

    Official Gazette of the Republic of Venezuela No. 39.191, June 2, 2009.

  94. 94.

    Official Gazette of the Republic of Venezuela No. 5.192, Extraordinary Issue, December 18, 1997.

  95. 95.

    Official Gazette of the Republic of Venezuela No. 4.801, Extraordinary Issue, November 1st, 1994.

  96. 96.

    Official Gazette of the Republic of Venezuela No. 36.519, August 18, 1998.

  97. 97.

    Official Gazette of the Republic of Venezuela No. 39.170, May 4, 2009.

  98. 98.

    Official Gazette of the Republic of Venezuela No. 4.833, Extraordinary Issue, December 29, 1994.

  99. 99.

    On January 25, 2012, Venezuela denounced the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, to which it had been a party since 1993. Such denunciation had full legal effects 6 months after its notice pursuant to Article 71 of the Agreement and as result it is not longer possible for a foreign investor to bring to the International Center for Settlement of Investment Disputes (ICSID) the legal disputes arising in connection with its investment in Venezuela, unless the foreign investor has timely accepted an arbitration offer from Venezuela under some Treaty or convention made between the State of origin of that investor and Venezuela.

  100. 100.

    Cf. EVANS MÁRQUEZ, Ronald, «Los convenios para evitar…» cit., p. 61.

  101. 101.

    It is important to mention that the position of the Venezuelan government in DTA negotiations has been of wide openness to eliminate tax barriers with the contracting States, and that it is even considered that this position should have been more moderate given that the rates granted by Venezuela to those countries have been significantly below the average granted by other developing countries. This has a twofold reading: (i) Venezuela has lost in its collection of those items, which in turn reduces the tax revenues of the State, or (ii) Venezuela offers greater advantages than other countries of the region to foreign investors. Cf. Ibid., pp. 65–66. Another important topic is that the OECD Model was not designed based on the reality of Latin American Countries. For this reason, its implementation by countries like Venezuela has generated no little inconvenience in practice. This explains why, among other reasons, the Latin American Institute of Tax Law (Instituto Latinoamericano de Derecho Tributario-ILADT) (www.iladt.org) has taken the excellent initiative and difficult task, by the team including professors Addy Mazz, Antonio Hugo Figueroa, Heleno Taveira Torres, Jacques Malherbe, Natalia Quiñones Cruz, and Pasquale Pistone, of preparing the ILADT Model of Multilateral Convention on Double Taxation for Latin America, which responds to the distinctive features, realities and needs of countries of the region. The Model can be viewed at http://www.iuet.org.uy/docs/Modelo_Multilateral_ILADT_FINAL.pdf, February 19, 2014. On the other hand, for an analysis of DTAs in Latin America based on the Andean Pact, vid. UCKMAR, Víctor, «Los tratados internacionales en materia tributaria», en UCKMAR, Víctor (Coord.), Curso de Derecho tributario internacional, volume I, Temis, Bogotá, 2003, pp. 104-110.

  102. 102.

    Consulted in: http://www.seniat.gob.ve/portal/page/portal/PORTAL_SENIAT, February 15, 2014.

  103. 103.

    Official Gazette of the Republic of Venezuela No. 36.266, August 11, 1997.

  104. 104.

    Official Gazette of the Republic of Venezuela No. 38.598, January 5, 2007.

  105. 105.

    Official Gazette of the Republic of Venezuela No. 5.507, Extraordinary Issue, December 13, 2000.

  106. 106.

    Official Gazette of the Republic of Venezuela No. 39.095, January 9, 2009.

  107. 107.

    Official Gazette of the Republic of Venezuela No. 5.269, Extraordinary Issue, October 22, 1998.

  108. 108.

    Official Gazette of the Republic of Venezuela No. 38.344, December 27, 2005.

  109. 109.

    Official Gazette of the Republic of Venezuela No. 37.927, April 29, 2004.

  110. 110.

    Official Gazette of the Republic of Venezuela No. 38.089, December 17, 2004.

  111. 111.

    Official Gazette of the Republic of Venezuela No. 38.598, January 5, 2007.

  112. 112.

    Official Gazette of the Republic of Venezuela No. 38.086, December 14, 2004.

  113. 113.

    Official Gazette of the Republic of Venezuela No. 37.219, June 14, 2001.

  114. 114.

    Official Gazette of the Republic of Venezuela No. 39.685, May 31st, 2011.

  115. 115.

    Official Gazette of the Republic of Venezuela No. 37.913, April 5, 2004.

  116. 116.

    Official Gazette of the Republic of Venezuela No. 5.427, Extraordinary Issue, January 5, 2000.

  117. 117.

    Official Gazette of the Republic of Venezuela No. 4.635, Extraordinary Issue, September 28, 1993.

  118. 118.

    Official Gazette of the Republic of Venezuela No. 37.659, March 27, 2003.

  119. 119.

    Official Gazette of the Republic of Venezuela No. 38.344, December 27, 2005.

  120. 120.

    Official Gazette of the Republic of Venezuela No. 4.580, Extraordinary Issue, May 21, 1993.

  121. 121.

    Official Gazette of the Republic of Venezuela No. 38.347, December 30, 2005.

  122. 122.

    Official Gazette of the Republic of Venezuela No. 38.842, January 3, 2008.

  123. 123.

    Official Gazette of the Republic of Venezuela No. 5.265, Extraordinary Issue, October 1st, 1998.

  124. 124.

    Official Gazette of the Republic of Venezuela No. 5.180, Extraordinary Issue, November 4, 1997.

  125. 125.

    Official Gazette of the Republic of Venezuela No. 5.180, Extraordinary Issue, November 4, 1997.

  126. 126.

    Official Gazette of the Republic of Venezuela No. 38.796, October 25, 2007.

  127. 127.

    Official Gazette of the Republic of Venezuela No. 5.218, Extraordinary Issue, March 6, 1998.

  128. 128.

    Official Gazette of the Republic of Venezuela No. 5.180, Extraordinary Issue, November 4, 1997.

  129. 129.

    Official Gazette of the Republic of Venezuela No. 5.822, Extraordinary Issue, September 25, 2006.

  130. 130.

    Official Gazette of the Republic of Venezuela No. 5.274, Extraordinary Issue, November 12, 1998.

  131. 131.

    Official Gazette of the Republic of Venezuela No. 5.192, Extraordinary Issue, December 18, 1997.

  132. 132.

    Official Gazette of the Republic of Venezuela No. 5.180, Extraordinary Issue, November 4, 1997.

  133. 133.

    Official Gazette of the Republic of Venezuela No. 39.183, May 21, 2009.

  134. 134.

    The tax unit (T.U.) is designed as an inflationary correction technique that utilizes a monetary module to restate automatically the nominal fixed values utilized by tax regulations (tax obligations, penalties, etc.). This unit is readjustable by the Tax Bureau, based on the previous year variation of the consumer price index (CPI) in the Metropolitan Area of Caracas, which must be published by the Central Bank of Venezuela at the beginning of each year. Cf. ROMERO-MUCI, Humberto, «Uso y abuso de la unidad tributaria», en SOL GIL, Jesús (Coord.), 60 años de imposición a la renta en Venezuela. Evolución histórica y estudios de la legislación actual, Venezuelan Association of Tax Law, Caracas, 2003, pp. 469–472.

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  1. Central University of Venezuela, Catholic University “Andrés Bello”, Caracas, Venezuela

    Serviliano Abache Carvajal

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    Karen B. Brown

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Abache Carvajal, S. (2017). In Pursuit of a Modern Tax System to Accommodate Foreign Investment. Case Study: Venezuela. In: Brown, K. (eds) Taxation and Development - A Comparative Study. Ius Comparatum - Global Studies in Comparative Law, vol 21. Springer, Cham. https://doi.org/10.1007/978-3-319-42157-5_20

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