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On 19 December 2024, Administrative Ruling No. SNAT/2024/000123 was published in Official Gazette No. 43.032 ("Ruling"). The Ruling was issued on 4 December 2024 by the Superintendent of the National Integrated Service of Customs and Tax Administration ("Tax Authority"). Through the Ruling, the Tax Authority established the weighted average lending interest rate for the six commercial and universal banks in the country with the highest volume of deposits, excluding portfolios with preferential interest, fixed by the Central Bank of Venezuela for the month of October 2024 at 59.3%.
In this sense, the rate will be used to calculate late payment interest incurred during the month of October 2024, increased by 1.2 times, i.e., 120%. Based on the foregoing, the rate applicable to the calculation is 71.16%.
We remain at your disposal should you require further details or explanations on the general aspects of the administrative guidelines highlighted in this alert and for any related queries.
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