Global | Publication | September 2018
On August 17, 2018, the Constituent National Assembly issued a Decree with the Rank, Value and Force of Law, to reform the Tax Law on Big Financial Transactions (TLBFT)1, which was published in the Official Gazette of the Bolivarian Republic of Venezuela, Special Issue No 6.396, dated August 21, 2018.
Through this reform, article 13 of the TLBFT was modified, which sets a tax rate with a maximum limit of 2 per cent, and included the power of the National Executive Government to set a rate up to such limit.
The tax rate was set at 1 per cent, which represents an increase of 0.25 per cent, in comparison to the 0.75 per cent rate set in the reformed TLBFT.
This reform of the TLBFT became effective on September 1, 2018.
Decree with the Rank, Value and Force of a Law Law on Big Financial Transactions published in Official Gazette No 6.210 Special dated December 30, 2015.
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The US Supreme Court has ruled that a “pure omission” under Item 303 of Securities and Exchange Commission Regulation S–K cannot give rise to a private action for securities fraud under Section 10(b) and Rule 10b-5(b) of the Securities Exchange Act of 1934.
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