• Deadline to File and Pay the Contribution Set Forth in Venezuela’s Organic Law on Narcotics
  • February 21, 2013
  • Law Firm: Norton Rose Canada LLP - Montreal Office
  • In accordance with the provisions of article 32 of the Organic Law on Narcotics (LOD for its acronym in Spanish), businesses required to contribute to the National Anti-narcotics Fund must file a return and pay such contributions within 60 calendar days following the closing of the fiscal year.

    For all taxpayers who use the regular fiscal year, that is, the one ended on December 31, such term ends on March 1, 2013.

    Taxable base of the contribution

    In accordance with the provisions of article 32 of the LOD, the taxable base for the contribution is determined by the “profits or gains obtained in the operations during the fiscal term.”

    According to generally accepted accounting principles, the profit or gain in operations during the fiscal term is calculated by deducting operational expenses from gross gain.