Tuesday, September 30, 2008

Venezuela's PEPSI-COLA shut down for 48 hours on orders from IRS/Seniat tax inspectors!

Venezuela's IRS/Seniat has ordered Pepsi Cola de Venezuela to shut down commercial operations for 48 hours after tax inspectors found irregularities with the company's ledgers, specifically with their accounting of Sales Taxes (IVA).

Ac cording to an IRS/Seniat press release, officials from the tax service found that Pepsi-Cola de Venezuela found that company accountants had failed to maintain purchasing ledgers in proper chronological order and had not maintained their books as required by law.

The company has now been fined 25 x Bs.F 1,150 (approximately US$14,500) according to Article 102 in the Organic Taxation Law which requires commercial enterprises to comply with regulations in law which require books to be kept in proper order and do NOT permit reporting delays of more than calendar 30 days.

Venezuela has a long tradition of endemic tax evasion which the Chavez government has sought to put a stop to by levying fines and ordering the several days trading closure of commercial premises where the owners have been found to have failed in their responsibilities to the Public Treasury.

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