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On July 4, the Social Security Pension Protection Law will come into force, which requires private companies to pay a 9% rate to a pension fund.
According to Efecto Cocuyo, the payment will be made through the National Integrated Service of Customs and Tax Administration (Seniat) and the registration will be done according to the last digit of the taxpayers’ Tax Information Registry (RIF).
The legislation also requires companies that give bonuses to their employees in foreign currency to make a conversion to the rate of the Central Bank of Venezuela (BCV) to execute the retribution.
The private sector will also have to inform Seniat of the number of employees on the payroll every three months, and the entity will be able to carry out audits to verify that The information is true and the law is being complied with.
Worry
Adán Celis, president of Fedecámaras, said that the approval of the Law for the Protection of Social Security Pensions should be accompanied by an incentive to the business sector.
Celis warned, on Roman Lozinski’s show, on Éxitos 99.9 FM, that More than 50% of a company’s profits go to taxes. He insisted that the major problem with pensions comes from the remuneration structure in Venezuela, which should be discussed by all parties.
#Pension #Law #force #July
2024-07-11 05:28:35
