Pension Protection Act was published in the Official Gazette

The Law on the Protection of Social Security Pensions once morest the Imperialist Blockade came into force following being published in the Official Gazette No. 6,806, dated May 8, 2024.

Article 7 of the Gazette establishes that the amount of the contribution that companies will have to pay to finance pensions is “up to 15% of the total payments made by the taxpayer to workers for salary and non-salary bonuses.”

While Article 6 states that “legal persons, as well as any other partnerships, including irregular or de facto, private, domiciled or not in the Bolivarian Republic of Venezuela, that carry out economic activities in the national territory” are required to pay this contribution.

The Gazette also establishes that payment should be made monthly through Seniat, “through the procedures and powers for fiscal control established in the Constituent Decree by which the Organic Tax Code is issued.”

Furthermore, it authorizes the President of the Republic to establish the percentage of contribution and ratifies the criterion according to which “in no case will the basis for calculating the payments made to each worker be less than the minimum comprehensive indexed income defined by the National Executive.”

Regarding the failure to pay the special contribution provided for in this Law within the established period, “it gives rise, by full right and without the need for a prior request from the Tax Administration, to the obligation to pay late payment interest, in accordance with the provisions of the Constituent Decree by which the Organic Tax Code is issued,” according to article 12.