Venezuela

Venezuela: Carabobo state fixed the new value of the State Tax Amount (ITE) in...

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The Governor of the Carabobo state issued Decree No. 1,557 ("Decree"),[1] whereby it set the value of the Special Tax Amount ("ITE") in 0.00015 Petros ("PTR"), which will have as reference the value of the Sovereign Crypto asset Petro. [2]  That equals to VES 8,833.41. [3] The previous value, set on 27 July 2020, was VES 1,500.00.[4]  The ITE must be paid in its equivalent only in VES, according to the final value of the immediately preceding business day indicated by the Central Bank of Venezuela.The Decree entered into force on 1 December 2020.

Latin America: Offshore Cheat Sheet: How to Navigate LatAm’s New Regulatory Minefield

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As Latin American countries continue to struggle with the impact of the pandemic, new regulations are helping to shape the region's economies. The new...

Venezuela: The Central Bank of Venezuela suspended banking products and services that facilitate the...

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On October 9, 2020, the Central Bank of Venezuela (“CBV”) ordered the suspension of products and services offered by universal and microfinance banks that facilitate the payment in foreign currencies for goods and services in Venezuelan (“Notice”).1  

Venezuela: The Central Bank of Venezuela suspended banking products and services that facilitate the...

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In brief On October 9, 2020, the Central Bank of Venezuela (“CBV”) ordered the suspension of products and services offered by universal and microfinance banks...

Venezuela: The National Superintendence of Cryptoassets and Related Activities (SUNACRIP) issued the rules applicable...

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On 1 September 1 2020, the National Superintendence of Cryptoassets and Related Activities (“SUNACRIP”) issued Administrative Guidelines No. 057-2020, which established the requirements and procedures for delivering and receiving cryptoassets remittances to individuals in Venezuela (“Guidelines”)1

Venezuela: COVID-19 – The banking authority issued temporary measures regarding evaluation of banking credit...

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On September 15, 2020, the Office of the Superintendent of Banking Sector Institutions (“SUDEBAN”) issued Resolution No. 041.20, which established temporary measures for evaluating credit portfolios, the creation of provisions in risk categories, the execution of guarantees and special conditions for credits granted before the entry into force of the Decree No. 4.1681 of March 23, 2020 (“Resolution”).2 The Resolution entered into force on September 15, 2020.

Venezuela: Blockchain and Crypto-assets: A Legal Approach

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In this new podcast series on blockchain and cryptoactives in Venezuela, led by midlevel associate Marie Roschelle Quintero, we analyze and discuss the issues...

Venezuela: Ministries of Economy and Finance and Health issued joint resolution whereby it includes...

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On 20 July 2020, the Ministries of Economy and Finance and Health issued the Joint Resolution Nos. 016-2020 and 111-2020, respectively, whereby include new tariff codes for goods aimed at preventing the spread of the COVID-19 pandemic (“Resolution”).1 The Resolution entered into force on 23 July 2020.

International: Digital Tax Services in Latin America

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Baker McKenzie's VAT/Indirect Tax Practice presented 'Digital Services in Latin America,' on 12 August 2020. This was the second presentation in the International VAT Conference Webinar Series, a global webinar series designed for VAT specialists from all industry sectors that aims to discuss the latest developing trends and hot topics in the VAT/GST and customs arena.

Latin America: “The New Normal”: Restart of Economic Activities and Sanitary Measures in Latin...

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The COVID-19 pandemic has affected all countries in Latin America. Administrative measures that limit or restrict economic activity have been adopted in most countries....
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