Liliana Colmenares

Overseeing all Tax Compliance operations outsourced for Latin American countries, including Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Dominican Republic, Venezuela, Colombia, Trinidad and Tobago, Panama, Ecuador, Peru, Argentina, and Chile.

• Mexico: Corporate Tax, Transfer Pricing, VAT returns under cash basis system, and Withholding Tax (WHT).
• Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Dominican Republic: Corporate Tax, Transfer Pricing, VAT, and WHT.
• Venezuela: Corporate Tax, Transfer Pricing, VAT returns, VAT Withholding (WHT), Income Withholding (WTH), Municipal taxes, Science and Technology taxes, Sports tax, Antidrug taxes, and Vehicle tax.
• Colombia: Corporate Tax, Transfer Pricing, VAT returns, Self-Withholding Tax (WHT), Industry and Commerce Tax (ICA), ICA Withholding (WHT), and Formal Duties including Magnetics Informative returns at national and jurisdictional levels.
• Trinidad and Tobago: Corporate Tax, Business levy tax, and VAT.
• Panama: Corporate Tax, VAT (ITBMS), and Transfer Pricing.
• Ecuador: Corporate Tax, Transfer Pricing, VAT returns, and WHT, including Super Companies, and Formal Duties such as ATS.
• Peru: Corporate Tax, Transfer Pricing, VAT (IGV) returns, Withholding Tax (Detracciones), and Withholding Tax and IGV for non-domiciled entities.
• Argentina: Corporate Tax, Transfer Pricing, VAT returns, and various taxes including Gross Income Tax (IIBB) in different jurisdictions, perceptions, oil tax, and stamp tax.
• Chile: Corporate tax, VAT, and Transfer Pricing.
  
  Additionally, responsible for reviewing and monitoring all tax compliance, implementing Tax Risk Management, conducting internal audits of tax controls, and leading the tax audit processes. Collaborating closely with the Finance Global Service centers.

Managed Centralization of all Indirect taxes for insourced Latin America countries, it includes:

• México: VAT returns as cash basis system. WHT.
• Venezuela: VAT returns, VAT WHT, Income WTH, Municipal taxes, Science and Technology taxes, Sports tax, Antidrug taxes, Vehicle tax.
• Colombia: VAT returns, Self WHT, CREE, ICA, ICA WHT. Formal Duties such as Magnetics Informative returns national and jurisdictional.
• Ecuador: VAT returns, WHT. Super Companies, Earthquake contributions. Formal duties such as ATS.
• Peru: VAT (IGV) returns, WHT (Detracciones), WHT and IGV non domicile.
• Brazil: Pis Cofins returns, ISS returns, ICMS, CIDE.
• Argentina: VAT returns, IIBB in different jurisdictions, perceptions, oil tax, stamp tax.
  

Responsible for the preparation and monitoring of compliance, implementing cross controls, and tracking Key Performance Indicators (KPIs) for aging Indirect tax assets. Additionally, overseeing accounting reconciliations controls.

• Managed the tax team members, overseeing and controlling the tax activities of the Company across 7 product lines, services, manufacturing in oil fields, and other subsidiary Companies within the group. Reviewed Income Tax Returns, estimated income tax returns, VAT returns, VAT withholding returns, Income withholding tax returns, and calculated the current income tax provision. Conducted reviews of Transfer Pricing studies, segmentation, and adjustments for transfer pricing effects, ensuring compliance with methodology and Informative transfer pricing returns. Reviewed fiscal adjustments for inflation (assets, equity, and other non-monetary items), Deferred Income Tax under US Generally Accepted Accounting Principles (US GAAP), and prepared FIN 48 schedules. Provided consultations and advisory on fiscal treatment for special operations within product lines, including attention to international vendors regarding the application of International Treaties to avoid Double Taxation.
• Prepared diverse documentation or letters for filing before Tax Authorities. Led projects to enhance tax reporting systems for compliance with tax regulations, including Purchases and sales books, VAT certificates, withholding reports, Municipal reporting, and collections reporting.
• Executed Regime to Recover VAT Tax Credits process for VAT withholding and exporters. Prepared requests to recover withholding tax, Draw Back, refund of payment, and explanations of inconsistencies.
• Ensured compliance with legal obligations such as Withholding Income Tax, Value Added Tax, Withholding Value Added Tax, and preparation of fiscal books. Prepared Technical assistance agreements, registrations before authorities, and collected necessary support to deduct expenses. Reviewed fiscal implications of international contracts, managed purchases and sales of tax credits, notifications to authorities, and contracts.
• Managed income returns for 61 municipality jurisdictions, processed tax assessments, and negotiated agreements with municipal authorities.
• Provided information during Tax Authority audits and ensured compliance with internal controls for Sarbanes Oxley Law (SOX) purposes. Controlled and followed reconciliations of accounts related to tax matters, provided tax training to team members, Accounts Payables members, and Collections members. Managed professional fees and monitored expenses against the tax department's budget.
• Provided frequent support for tax matters related to payroll, expatriate department, and income tax returns. Reviewed contributions related to Regulations to the Master Law on Science, Technology, and Innovation Return, and ensured Company Registration of Foreign Investment before the Superintendence (SIEX) and profile updates before the National Registry of Contractors (RAC PDVSA). Designed procedures for Inventory destruction, Deduction of New Investment tax credits, environmental tax credits, and reimbursement expenses.

• In the realm of Cash Management, responsibilities included reviewing the daily cash and debt position, assessing estimated cash flows for the week or month, and recommending appropriate actions to cover all financial commitments. This involved approving and signing bank instructions, ensuring alignment with Treasury customers' needs such as Accounts Payable, Tax Payroll, and CADAVI, and managing relationships with banks like CITI, Mercantil, Provincial, Chase, and BVC. Negotiating credit terms with local financial institutions, requesting loans, and negotiating interest rates were also part of the role.
• Additionally, I oversaw Electronic approval of Accounts Payable payments and Import Duties, as well as authorized and signed special payments via manual checks. Managed Foreign Exchange (FX) operations for CADIVI compliance under local exchange control regulations, including authorizing the sale and purchase of foreign currency as requested by the CADIVI team.
• Furthermore, I conducted Risk Management and Insurance activities to safeguard the financial interests of the company.

• As the overseer of all financial departments, my responsibilities encompassed a wide array of tasks to ensure the smooth functioning of financial operations. This included managing Month End Reporting, Accruals Management, Project Reporting, Monthly Reports, Profit & Loss, Balance Sheet, Cashflow, and the Review & Analysis of month-end financials. I conducted Balance sheet reconciliation reviews and maintained an updated knowledge of local GAAP and International Financial Reporting Standards (IFRS) principles. Achieving complete compliance with internal controls for Sarbanes Oxley Law (SOX) was a top priority.
• On a daily basis, I provided and interpreted financial information and supervised various accounting functions such as accounts payable, accounts receivable, indirect taxes, payroll, Cadivi, and office support. Ensuring accuracy and compliance with accounting policies and procedures was paramount, along with verifying cost allocations according to company protocols. Financial analysis and modeling were integral parts of my role, as was establishing and maintaining internal controls and liaising with external auditors.
• Directing and motivating Finance staff to meet required standards, producing accurate and timely financial information for decision-making, and developing and monitoring controls for statutory compliance were ongoing tasks. I served as the primary contact for external auditors, provided statutory information, conducted internal audit reviews, and directed financial audits, offering recommendations for procedural improvements.
• Additionally, I conducted reviews and evaluations for cost-reduction opportunities, cultivated external relationships with auditors, solicitors, bankers, and statutory organizations, managed budgets, and stayed updated on changes in financial regulations and legislation. I established procedures for asset custody and control to ensure safekeeping and played a role in recruiting staff members and overseeing training programs. Monitoring and analyzing monthly operating results against budget rounded out my responsibilities to ensure the financial health and success of the company.

• Providing tax advisory support to both American and Venezuelan individuals at the Embassy involved a range of services aimed at ensuring compliance and maximizing benefits under relevant tax treaties.
  
• For Americans, this included advising on filing US tax returns, ensuring adherence to IRS regulations. Additionally, I provided guidance on navigating the complexities of international taxation, such as reporting foreign income, foreign bank accounts, and foreign assets.
  
• For Venezuelans, the focus was on understanding their tax obligations both in Venezuela and potentially in the US if they were considered US tax residents. This involved advising the application of tax treaties between the US and Venezuela to avoid double taxation.
• In both cases, I offered personalized tax advice tailored to individual circumstances, addressing specific concerns and questions regarding tax implications of residency status, income sources, investments, and other financial activities. I ensured that clients received accurate and timely guidance to help them navigate their tax obligations effectively.

• As the overseer of tax compliance for the Plataforma Deltana Gas Projects Block 2 and Block 3, along with other companies within the group, my role entailed management and control of various tax-related aspects. This included responsible for submissions to the Regime to Recover VAT Tax Credits, preparing computations for the income tax provision, Corporate Income Tax Returns, and managing Business Assets. I also ensured compliance with fiscal regulations such as the regular adjustment for inflation and Deferred Income Tax under US Generally Accepted Accounting Principles (US GAAP).
• Providing consultations and advisory services on the fiscal treatment of special operations and addressing concerns related to international suppliers regarding Double Taxation treaties were essential components of my role. I handled various documentation processes, including requests for recovering withholding tax, explanations of inconsistencies, and compliance with legal obligations such as Withholding Income Tax, Value Added Tax, and Municipal Taxes. Additionally, I provided information and support during audits conducted by Tax Authorities, ensuring transparency and compliance throughout the process.
• Complete adherence to internal controls mandated by the Sarbanes Oxley Law (SOX) was a top priority, and I meticulously monitored and followed reconciliations of accounts related to tax matters to ensure accuracy and integrity in financial reporting. This comprehensive approach aimed to uphold regulatory compliance, mitigate risks, and ensure the financial well-being of the organization.

• In my role, I took charge of preparing and meticulously reviewing Corporate Income Tax Returns and Business Assets Tax returns, ensuring accuracy and compliance with regulatory requirements. I also handled the provision of Income Tax, overseeing the fulfillment of formal duties related to various taxes such as Value Added Tax, Withholding Value Added Tax, Municipal Taxes, Banking Debit Tax, and Casinos Tax.
• This encompassed a broad spectrum of responsibilities, including preparing Income Tax Returns for foreign banks and providing consultations and advisory services in tax matters. I managed a diverse portfolio of clients across various sectors, including Banking and Insurance, Manufacturing, and Services.
• Some notable clients I worked with included Citibank, N.A., Banco Federal, C.A., C.A. Del Sur Banco Universal, Helm Bank de Venezuela, S.A., Banco Tequendama, S.A., Natures Sunshine, C.A., Imgeve, C.A., Astrazeneca, C.A., Plasticos Jomai, C.A., Warner Lambert de Venezuela, C.A., and Casinos de Venezuela, C.A., among others. My role involved understanding the specific tax implications and requirements unique to each client's industry and providing tailored solutions to meet their tax compliance effectively.

• In my role within the Promotion Department of Goods and Rents, my primary focus was on providing advisory services related to the management and promotion of university-owned real estate assets. This involved engaging with clients to address their inquiries and needs, as well as overseeing the rental process for university properties.
• Key responsibilities included: Client Engagement: Interacting with clients to understand their requirements and preferences regarding real estate rentals owned by the university. Property Control: Ensuring proper documentation and maintenance of records related to rented real estate, including lease agreements, rental payments, and property condition reports.

• During my tenure in the Special Big Taxpayers Division, my responsibilities revolved around providing dedicated attention to taxpayers, effectively communicating with them, and offering guidance and information regarding their tax obligations. This entailed calculating, reviewing, and inspecting their income tax returns, Value Added Tax (VAT), and business assets tax.
  
• Moreover, I was actively involved in the processing of tax collections utilizing the national taxation program. This included the issuance of penalties and interest liquidations in cases of non-compliance or discrepancies identified during tax assessments.
• My role required a comprehensive understanding of tax laws and regulations, as well as the ability to apply them accurately and fairly in interactions with taxpayers. Effective communication skills were paramount in fostering positive relationships with taxpayers while ensuring compliance with tax requirements and regulations.

• Helped as an interpreter in judgment
• Assisted with special events and programs, such as Infantile camping.
• and supported to association women.