Thursday, 18 November 2010

Venezuelan tax authorities apply penalties to taxpayers in transfer pricing formal obligations audits

The Venezuelan Tax Administration (SENIAT) made notification that sixty-eight (68) taxpayers were not compliant with transfer pricing requirements, such as not filing the Transfer Pricing Informative Return (PT-99 Form) or not applying the transfer pricing methodology established in the Venezuelan Income Tax Law, in connection with intercompany transactions performed during fiscal years 2009 and 2010. SENIAT imposed penalties for these omissions that reached the sum of 1.2 million bolivars (equivalent to approximately USD 280.000). This situation confirms the regional trend of local Tax Authorities in Latin America enforcing transfer pricing regulations and requirements.
Fuente: PKN