Fonacit Directives

BENSON, PEREZ MATOS, ANTAKLY & WATTS

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TAX REPORT

Caracas, December 8, 2015

Directives Issued by the National Science, Technology and Innovation Fund (FONACIT)

Two Administrative Directives issued by the Board of the National Science, Technology and Innovation Fund (FONACIT) were published in Official Gazette No. 40,804 dated December 7, 2015. The aspects covered by these regulations have to do with obtaining the Electronic Certificate proving payment of contributions to the Fund, and the procedure to be followed for approval of extensions, deadlines and payment in installments of the amounts payable under the Executive Decree Enacting the Science, Technology and Innovation Act. Below please find  a summary of the main provisions in each of these Directives.

a) Administrative Directive No. 015-002. “Rules governing the requirements and procedures to be followed to obtain the Electronic Certificate proving compliance with the tax obligation provided for in Title III of the Executive Decree Enacting the Science, Technology and Innovation Act.”

This Directive determines the procedure to be followed to obtain the Electronic Certificate proving payment of the contribution to FONACIT. To obtain the Certificate, the applicant must follow the procedure described below:

1. Enroll in the System for Reporting and Monitoring of the Science, Technology and Innovation Contribution (SIDCAI).

2. Complete the annual return and pay the contribution. In the event any penalty and/or financing interest is payable, this too must be included in the return. One important aspect is that the Directive lists two bank accounts: one for payment of the contribution per se and the other for payment of any penalty and/or financing interest and makes clear that any payments of contributions made into the interest account, or vice versa, will not be recognized.

3. Request the Electronic Certificate, delivering the necessary documents as stipulated in article 3 of the Directive.

The Directive also states that the Certificate will be valid for one (1) year.

b) Administrative Directive No. 015-003. “Rules governing the steps and procedures for granting extensions, deadlines and payment in installments for compliance with the obligation to contribute as provided for in Section III of the Executive Decree Enacting the Science, Technology and Innovation Act.”

This Directive sets the requirements for each of the following procedures:

1. Extension of the term for delivery of the contribution: The application must be filed at least fifteen (15) business days before the deadline for payment of the contribution, meeting all the requirements listed in the Directive. FONACIT will have ten (10) business days to deliver its decision regarding the extension requested; the request is to be considered denied if there is no reply from the Fund.

2. Agreements covering the approval of deadlines and payment of the contributions to FONACIT in installments. FONACIT may sign payment agreements following a request filed by the contributor, who must also present the documentation specified in article 14 of the Directive together with a payment proposal. This proposal is to be approved by the Office of the President of FONACIT within a term of five (5) business days after it is received from the Collection Department, after which the former will draw up the Payment Agreement.

3. Security: Once the special payment terms have been approved, the contributor must post surety for FONACIT, this surety may be in the form of: A bond, a mortgage on real estate or chattels, or a lien, with or without transfer of possession.

Please do not hesitate to contact if you have any questions or need further details concerning either of these Directives.

Yours truly,

BENSON, PÉREZ MATOS, ANTAKLY & WATTS

Ysabel N. Figueira G.

All rights reserved. This work is a contribution of BENSON, PEREZ MATOS, ANTAKLY & WATTS to its clients on legal topics of their interest for purposes of providing orientation. It must not be interpreted as a specific legal opinion.

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