National Assembly approves Pension Protection Law

This Tuesday, the National Assembly (AN) sanctioned the Law for the Protection of Social Security Pensions against the Imperialist Blockade, whose objective is to establish mechanisms to protect pensioners negatively impacted by the unilateral coercive measures imposed by the Government of the United States and its European allies.

The debate was started by deputy Diógenes Linares (PSUV/Nacional), who thanked the President of the Republic, Nicolás Maduro, for continuing the dignification of older adults, which Commander Hugo Chávez Frías began. He narrated how the Bolivarian Government has incorporated Venezuelans to the benefit of social security pensions, which today translates into more than five million Venezuelans:

This AN is the continuation of the large number of achievements in favor of elder adults, such as the Organic Law for the Comprehensive Care and Development of Elder Adults, in such a way that there is a giant advance in this process with adults greater in the current Revolutionary process,” he pointed out.

The legal regulations establish that the President of the Republic may exempt special taxpayers and strategic sectors for foreign investment and national development from payment, totally or partially, of the special contribution provided for in the law.

The collection of the special contribution through the National Integrated Customs and Tax Administration Service (Seniat) is also proposed, provided for in the law, which will be declared and paid monthly.

It is established that the declaration and payment of the special contribution must be made in the place, form and conditions established by the National Tax Administration, through a general Administrative Ruling and, the special contribution provided for in the law, will be deductible from the expense for the calculation of Income Tax.