Tax in Venezuela

Baker & McKenzie, S.C.

The 'exceptional' team at Baker & McKenzie, S.C. stands out for its expertise in corporate tax, advising major multinationals on tax planning and the tax aspects of significant corporate transactions, often drawing on its global network to provide cross-border advice. The practice is particularly active in assisting clients in the oil and gas sector, but other sectors of strength include telecoms and healthcare. Practice head Ronald Evans, who also chairs the firm's global wealth management group, is highly regarded for his advice on the taxation of cross-border transactions, in addition to handling high-profile tax litigation. Other notable contacts include Oscar Morean, Manuel Marín, who focuses on customs issues, and associate David Mongiovi.

Practice head(s):

Ronald Evans

Testimonials

‘Baker McKenzie’s tax practice is exceptional. One of the great strengths of the team is that they manage to offer practical solutions with strong legal foundations and based on the business reality. They are a true business partner when their legal advice is required on commercially complex issues.’

Key clients

Minera Loma de Niquel (Angloamerican)

Work highlights

  • Advised Minera Loma de Niquel on its tax and customs obligations and how to maximise the available tax benefits.

D'Empaire

D'Empaire's 'highly regarded' team is particularly noted for advising on the tax implications of major corporate transactions, including M&A and reorganisations, and for its expertise in international tax matters, with a wide-ranging client roster that includes large multinational companies, financial institutions and private equity funds. The team is also experienced in tax litigation and in advising high-net-worth individuals and families on wealth management and estate planning. Alberto Benshimol, who advises on corporate transactions and international taxation, leads the practice alongside Humberto Romero-Muci, who is also an expert in tax litigation. José Valecillos is also noted for his advice to corporations and private clients.

Practice head(s):

Alberto Benshimol; Humberto Romero-Muci

Testimonials

‘Highly regarded, knowledgeable lawyers.’

‘The lawyers are highly specialised and stand out for their technical knowledge. A practical team focused on customer service.’

Key clients

Bayer

Weatherford

Development Bank of Latin America (CAF)

The Kraft Heinz Company

SNC-Lavalin

Colgate-Palmolive Venezuela

V6 Holdings

Bristol-Myers Squibb

Ubii Pagos

Tenaris

Work highlights

  • Advising Bayer’s Venezuelan subsidiary in connection with the tax implications of its operations, including VAT, customs and income tax matters.
  • Advising Weatherford in connection with its activities in the Venezuelan energy sector.
  • Advised The Kraft Heinz Company on the tax implication of certain transactions and of restructuring its Venezuelan subsidiary.

Altum Abogados, S.C.

The 'outstanding' Altum Abogados, S.C. advises both local and multinational companies on the tax aspects of corporate and financial transactions, including M&A, spin-offs and corporate restructurings, as well as tax planning and compliance. In addition, the team represents clients in appeals against assessments by the tax authority. Jorge Jraige, whose practice spans tax planning, wealth management, direct and indirect tax consulting, and litigation, leads the team. Ximena Dugarte Rodríguez is also a key contact.

Practice head(s):

Jorge Jraige

Testimonials

‘The team is very professional, friendly and available. I consider it an outstanding law firm thanks to its organisation, fast responses and quality of delivery.’

‘They have fair fees compared to other law firms – they don’t try to charge more than their initial proposals. Their knowledge about multinational companies and major regulations is extremely helpful when dealing with local issues.’

‘The team is fully available to the client, always proposing solutions to problems quickly and accurately.’

‘What stands out is the attention given to the matter by each of the team members. Jorge Jraige stands out for his expertise in corporate tax.’

‘They have an in-depth understanding of their clients’ business. They are fast, efficient and very capable.’

‘Jorge Jraige finds a way to always be available to his clients. He is always up to date on the matter. Ximena Dugarte is an excellent professional who always attends and resolves her clients’ concerns.’

Dentons

Dentons significantly expanded its tax practice in March 2021 through its merger with Vallenilla, Escalante & Asociados, bringing on board international tax restructuring expert Moisés Vallenilla , Oscar Cunto André , who advises on the tax aspects of large financial transactions, and Juan Andrés Osorio , who focuses on the tax implications of using foreign currency. Meanwhile, Luis Fraga Pittaluga  leads the international tax practice. The team also assists clients in tax litigation and audits, acting for an impressive roster of multinational companies.

Practice head(s):

Moises Vallenilla; Luis Fraga-Pitalluga; Oscar Cunto Andre; Juan Andrés Osorio

Testimonials

‘Moisés Vallenilla is an excellent lawyer in tax matters, combining very deep knowledge of the practice area with pleasant personal treatment and responsiveness and providing solutions that meet our requirements.’

Key clients

Rodamientos Rovi

Banco Sofitasa, Banco Universal

Cervecería Regional

Beierdorf

Fondo de Valores Inmobiliarios (FVI)

Corporación Telemic (Inter)

Seguro Nuevo Mundo

Servicios y Suministro de Oriente

Megalabs Venezuela

AreUIn

InterJuris Abogados

InterJuris Abogados is particularly experienced in international tax matters, advising multinational companies and financial institutions on the day-to-day tax aspects of their operations, cross-border tax structuring and the tax implications of transactions, including corporate restructurings. The team is also active in representing clients in disputes with the Venezuelan tax authority. Miami-based Maria Leticia Perera, who focuses on international tax and estate planning, leads the practice alongside Fernando Ríos Morillo in Caracas. Associate Eleana Salazar Méndez is also noted for tax planning and disputes.

Practice head(s):

Maria Leticia Perera; Fernando Ríos Morillo

Key clients

CYBS

Sony

Vinccler

Caja Caracas Casa de Bolsa

Zoetis

Manaplas

Ericsson

Al Jazeera

La Lucha

Hewlett Packard Venezuela

Cunapro

Work highlights

  • Advising CYBS on different tax alternatives to start its business in Brazil and expand its investor base.

Lega

Leĝa Abogados‘ practice spans advice on tax planning and the tax aspects of corporate transactions as well as litigation. In particular, the team has been active in advising key players in the banking and finance sector on tax issues, while other clients include major multinationals and local companies from the pharmaceuticals, technology, telecoms, and food and beverages sectors, among others. Following the departures of Jesús Sol-Gil and Rosa Caballero, the team is led by Spain-based Nathalie Rodríguez-París , a specialist in international taxation. Elina Pou , who focuses on corporate tax and litigation, is also a name to note.

Practice head(s):

Nathalie Rodriguez

Testimonials

‘The team works collaboratively to resolve the points to be discussed. The synergy is noticeable. I have seen how they work together and I like how they deal with the facts to reach conclusions.’

‘Elina Pou Ruan is an excellent lawyer who you can talk to. She takes into account the client’s opinion about the arguments to be used in the case.’

‘Natalie Rodriguez is excellent, with great experience and legal and accounting knowledge.’

‘A great strength is their retention of previous reviews for the same company, which they then use in subsequent years to make their analysis more comprehensive.’

‘Professionalism, commitment, respect, attention to detail and quality have characterised them during the ten years we have worked together.’

‘Elina Pou Ruan is excellent. She stands out for her empathy and knowledge of the business environment.’

Key clients

Samsung Electronics Latinoamérica

Proyecto Esperanza

Nestlé de Venezuela

EKA

EF Education First

Heks Eper

Rolex de Venezuela

EF Idiomas en el Extranjero

Port de Bras Active Wear

Mitsui de Venezuela

Work highlights

  • Assisted Samsung Electronics Latinoamérica with the filing of a challenge to a tax assessment relating to the payment of VAT.
  • Advised Proyecto Esperanza on its submission to the Venezuelan tax authorities, seeking an income tax exemption and gift tax exoneration qualification to benefit from both tax incentives for its charitable project in Venezuela.
  • Acting for Nestlé de Venezuela in an administrative appeal on custom duties and transfer pricing matters.

Mendoza, Palacios, Acedo, Borjas, Paez Pumar & Cia.

Mendoza, Palacios, Acedo, Borjas, Paez Pumar & Cia. is particularly experienced in advising international clients on tax planning and the structuring of their operations and acquisitions in Venezuela, although the team also acts for a number of major local companies. Other areas of expertise include assisting clients during tax audits, handling litigation and administrative proceedings, and assisting individual clients with estate planning. Tax planning expert Manuel Acedo Sucre and María Genoveva Páez Pumar, who handles tax disputes, lead the practice. Diego Lepervanche is also noted for corporate tax matters.

Practice head(s):

Manuel Acedo Sucre; María Genoveva Páez Pumar

Key clients

The Coca-Cola Company and Coca-Cola Servicios de Venezuela

Corporación Grupo Químico, Venezolana de Pinturas, Química Industrial and other subsidiaries of Grupo Orbis

Miranda Capital Partners

Grupo Perret

Formiconi

MSD Farmacéutica

Corporación Solsica

Industria Venezolana de Transporte Operativo (IVENTO)

Laboratorios Elmor

Work highlights

  • Advising Miranda Capital Partners on the tax structuring of the acquisition of Venezuelan companies.
  • Advising the subsidiaries and distributors of multinational companies on taxation issues in Venezuela.
  • Advising various Venezuelan companies with interests abroad on tax and financial planning.

Torres, Plaz & Araujo

Torres, Plaz & Araujo is highly active in advising local and multinational clients in the banking, food and beverages, and oil and gas sectors on tax issues, with expertise in corporate tax (including in relation to restructurings and cross-border M&A), indirect tax, and customs issues. In addition, the team advises on transfer pricing and handles tax litigation, including multi-jurisdictional disputes. The private client side of the practice assists with tax structuring and relocations. Juan Carlos Garantón-Blanco, energy sector specialist Valentina Cabrera Medina and Rodolfo Plaz Abreu head the practice.

Practice head(s):

Juan Carlos Garantón-Blanco; Valentina Cabrera Medina; Rodolfo Plaz Abreu

Key clients

AngloAmerican Group (Minera Loma de Níquel)

Shell Group

BP Group

Pepsico Alimentos Venezuela

Vencred (Banco Venezolano de Crédito)

Rodrigo Elias Medrano

Cervecería Polar

ItalCapital Casa de Bolsa

Alimentos Polar Comercial

Total Group

Marítima Altair

Productora de Sal (Produsal)

Cargill

Mocasa

Ampelman

Endava

CA Ron Santa Teresa

Grupo Locatel

Work highlights

  • Advising Anglo American on tax issues relating to its corporate and financial structure.
  • Advised Shell Group on the local taxation of its operations and on long-running tax litigation in Venezuela.
  • Advising BP on tax issues related to its corporate and financial structure in Venezuela.

Araquereyna

Counting Venezuelan and international companies from sectors including financial services, healthcare, technology, and food and beverages among its clients, Araquereyna is experienced in advising on the tax aspects of corporate restructurings, in addition to providing general tax compliance advice. The team also handles tax disputes. María Carolina Cano, who has expertise in corporate tax planning, leads the practice with Gabriel Ruan Santos and Ingrid García, who has additional experience advising individuals on family estate planning.

Practice head(s):

María Carolina Cano; Gabriel Ruan Santos; Ingrid García

Testimonials

‘Carolina Cano and Gabriel Ruan have extensive experience in tax matters and their close relationships with their clients allow them to provide personalised advice. Their opinions always contain risk assessments and their recommendations are sound. Araquereyna’s billing is always orderly and on time, and its rates are fair.’

‘They are lawyers who are committed to their clients, flexible and available to provide support in real time. They use new technologies well, which translates into agile responses to our requirements.’

Key clients

General Motors Venezolana

Mercantil Servicios Financieros

Microsoft Venezuela

PepsiCo & Empresas Filiales

Flowserve de Venezuela

Universal Music Venezuela

Columbus Network Venezuela

Centro Médico de Caracas

SKU Logistics

Techpos

Work highlights

  • Advised General Motors on tax issues relating to its operations and compliance with all of its tax obligations, including in relation to US sanctions.
  • Advising Mercantil Servicios Financieros on tax issues relating to a multi-jurisdictional restructuring process.
  • Advising PepsiCo & Empresas Filiales on all of its national and municipal tax obligations.

Palacios, Torres & Korody

Palacios, Torres & Korody advises domestic and international clients from the banking, food and beverages, construction, oil and gas, and manufacturing sectors, among others, on day-to-day tax issues and policies, planning, and the tax implications of financial and corporate transactions. In addition, the team is experienced in tax and regulatory litigation. Leonardo Palacios, Juan Korody and José Gregorio Torres lead the practice.

Practice head(s):

Leonardo Palacios; Juan Korody; Jose Gregorio Torres

Testimonials

‘We have an excellent relationship with the team.’

‘Leonardo Palacios stands out for his dedication to our matters, and the knowledge, experience and contacts he has. He always finds time in his busy schedule to assist us.’

Key clients

Cigarrera Bigott (British American Tobacco)

BBVA Banco Provincial

Banco Nacional de Crédito, Banco Universal

Diageo Venezuela

Couttenye & Co

Makro Comercializadora

Grupo Falabella

Corporación Tropical Cotoperí

Total Energies

Santa Teresa

Empresas Polar

Work highlights

  • Advised Diageo on the reform of its longstanding billing and foreign currency policies and on the design of a strategy for managing VAT, among other tax issues.
  • Advised BBVA Banco Provincial on the fiscal impact of foreign exchange gains on foreign-currency securities held in deposit and/or carried as assets/liabilities under Venezuela’s income tax law and banking regulations.
  • Successfully defended Banco Nacional de Crédito before the tax authority, which sought to assess tax deficiencies based on the misapplication of fiscal and banking accounting rules.

Travieso Evans Arria Rengel & Paz

Travieso Evans Arria Rengel & Paz focuses on advising multinationals with a presence in Venezuela and large domestic companies on tax planning and restructuring, as well as the tax aspects of commercial transactions, including M&A. The team also assists clients with local and international tax compliance and tax disputes. Eduardo Travieso Uribe, who is experienced in international tax planning, Manuel Iturbe Alarcón, an expert in audits and tax litigation, and newly promoted partner Andreína Lusinchi Martínez head the team.

Practice head(s):

Eduardo Travieso; Manuel Iturbe; Andreina Lusinchi

Testimonials

‘In these times, all my long-distance and virtual issues have been resolved.’

‘They are and feel like family. I have no words to describe the confidence they give me.’

Key clients

Avon Cosmetics

Unilever

Ford

Mondelez International

Propileno de Falcon (PROFALCA)

Oracle

Aggreko International

Delivery Heroes (PedidosYa)

Ensign

ExxonMobil

Papeles Venezolanos (PAVECA) – Kruger Inc

Work highlights

  • Assisted Papeles Venezolanos with the negotiation of a fine imposed by the Venezuelan tax authority for alleged late payment of VAT.
  • Acting for Avon Cosmetics in appealing an income tax assessment issued by the tax authority relating to the transfer of bonds to acquire foreign currency.
  • Acting for Mondelez International in an appeal against an income tax assessment relating to purchases in foreign currency.

Raffalli de Lemos Halvorssen Ortega y Ortiz

Raffalli de Lemos Halvorssen Ortega y Ortiz has a wide-ranging tax practice spanning tax planning and general advice, administrative and judicial litigation, tax due diligence on corporate transactions, estate planning and customs duties. Andrés Luis Halvorssen is the key contact.

Rodríguez & Mendoza

Rodríguez & Mendoza is experienced in advising clients on compliance with international and local tax regulations, as well as the tax aspects of corporate structuring, income tax and VAT. The team also handles judicial and administrative proceedings before the Venezuelan tax authority. Names to note include Oswaldo Anzola, who advises local and foreign oil and gas, banking, telecoms and pharmaceutical companies, and disputes expert Elvira Dupouy Mendoza.

Tinoco, Travieso, Planchart & Núñez

Tinoco, Travieso, Planchart & Núñez handles both contentious and non-contentious matters, with experience in tax compliance, tax planning, and administrative and judicial proceedings before the tax authority. The team also advises on issues relating to customs duties, income tax and VAT. Alfredo Travieso and Juan Carlos Castillo Carvajal are the key contacts.