On the afternoon of this Monday, March 28, multiple publications have been published in which it is ensured that the fast food chain Arturo’s will not accept payments in foreign currency due to the “uncertainty” generated by the entry into force of the reform to the Law of Large Financial Transactions.
This regulation contemplates a 3% tax on transactions in dollars, cryptocurrencies and any currency other than the bolívar and the petro, provided that the transaction is carried out before businesses that have the category of “special taxpayers”.
Will Arturo’s stop accepting dollars?
However, the alleged statement has not been published on Arturo’s social networks, which is why The National tried to communicate with the network. At the time of publishing this report (after 5:00 pm) she had not received a response. What is a fact is that the statement is not on their social networks.
Despite everything, the situation reflects what economists and unions have warned for weeks regarding the entry into force of the new regulations: uncertainty.
What is the Law of Large Financial Transactions?
Although the law is titled Large Financial Transactions, it generally affects operations no matter how small. It includes a controversial content that involves a tax on transactions carried out with currencies other than the bolívar and the petro.
The law was approved and published in official Gazette and contemplates an aliquot of 3% for transactions with economic entities classified as “special taxpayers”.
In other words, if you go to a business and it is classified as a “special taxpayer” you will have to pay a tax if you make your payments in dollars. Not so if you decide to make them in bolivars or, if you prefer, in petros.
However, the decree exempts remittances, foreign exchange operations, payments in bolivars from foreign currency accounts and foreign currency transactions with economic entities not classified as “special taxpayers.”
The problem of adapting fiscal machines
But in addition to the fact that consumers will be forced to pay a tax when they make purchases from a “special taxpayer”, there is an element that has generated great uncertainty: its applicability.
The main aspect that businesses have been warning of in recent days is related to tax machines.
The regulations require businesses to reflect the tax on their invoices, as is normally shown, for example, the value added tax (VAT). The problem lies in the fact that not enough time was granted for businesses to adapt their fiscal machines so that the tax appears reflected.
In addition, merchants have repeatedly denounced that their machines are not capable of adaptation to the new requirement, so they must acquire another. And they are expensive.
“For example, I bought a fiscal machine two months ago. Now I have to change it for a new one and they don’t go below 1,000 dollars. Where am I going to get that money from,” a merchant recently commented on social media. There are dozens of similar comments.
Given this, although the tax on the dollar and other currencies formally entered into force this Monday, the special taxpayers who should have started debiting it are not able to do so in compliance with the requirements of the regulations.
That is why Conindustria and the Tax Law Association joined Consecomercio’s call to Seniat to extend the period for the entry into force of the taxation of foreign currency transactions.
Seniat
Despite this, during the day the Seniat has not made reference to the regulations that came into force this Monday. In his social networks he has only made publications with the income tax (ISLR), but not about the tax on large financial transactions.
They should, for example, I bought a fiscal machine 2 months ago. Now I have to change it for a new one and they don’t go below $1000. Where am I going to get that money in a week? Give a reasonable time of at least 1 month to prepare.
– Lindon Delgado C. (@lindelgado15) March 23, 2022