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13.4.3. Documentation Requirements

Article 169 of the Income Tax Law establishes the following non-exhaustive list of documents which must be kept in Spanish:

  • List of fixed assets, including depreciation methods used, historic cost, financial and accounting implications of removal of the assets, as well as supporting acquisition documentation;
  • List of commercial and financial risks;
  • Organizational Chart of the enterprise and/or affiliated group, including functional information;
  • Incorporation data and RIF number of the Venezuelan resident as well as information on the related parties, including documentation that serves to demonstrate the relationship;
  • Description of the type of business, list of clients, and stock ownership in other enterprises;
  • Information on transactions entered into with related parties and contracts related to such transactions;
  • In case of multinational enterprises, the main activities of each enterprise of the group, place of performance, intra-group transactions, stock ownership chart, as well as agreements related to any share transfer, capital reorganization, share buy-back, mergers or any other material change within the group;  
  • Financial statements;
  • Documentation related to intangible assets; in particular regarding their nature, market value, type of right, type of protection of the rights and anticipated benefits. Information on business strategy; including volume of operations, debt policies, form of payments, exclusive contracts and warranties;
  • Information on costs of production or purchase of goods sold or services rendered;
  • Transfer pricing methods used, with an indication of the rationale for the selection of the applied method. Information on comparable companies;
  • Information related to any transfer pricing litigation or contingency of any of the related parties;
  • Information related to the inventory, including control of entries, exits and actual status of goods and information on the methods for valuation of the inventory. Information related to the functional analysis and determination of the transfer pricing; and
  • Any other information that may be required by the Tax Administration.