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of its Chairman and Directors; the accounting rules for establishing its reserves and the manner in which its profits are to be applied; the annual independent audit of accounts and balances by firms of specialists selected by the National Executive and subsequent control by the Office of the General Comptroller of the Republic regarding the legality, sincerity, opportunity, efficacy and efficiency of the administrative activity of the Venezuelan Central Bank.
- The law shall provide the Chairman and other members of the Board of Directors of the Venezuelan Central Bank shall represent exclusively the national interest, to which end it shall provide for public proceedings to evaluate the merits and credentials of candidates for the aforementioned positions.
- The law shall provide that the Executive Power shall have the power to designate no less than half of the Directors as well as the Chairman of the Venezuelan Central Bank, and shall establish the terms for participation by the Legislative Power in the designation and ratification of these authorities.
- (9) A law of national police corp. This law shall establish the mechanism for the integration of terrestrial transport and transit vigilance to the national police corps.
Fifth: Within one year of the effective date of this Constitution,
the National_
Assembly shall enact a reformed Organic Tax Code establishing, among other matters:
- (1) Strict interpretation of tax laws and rules, bearing in mind their purpose and their economic significance, in order to eliminate ambiguities.
- (2) The elimination of exceptions to the principle of nonretroactivity of the law.
- (3) Expansion of the concept of imputed income, in order to provide the Tax Administration with better instruments.
- (4) Elimination of the statute of limitations for serious tax offenses, which must be defined in the Organic Tax Code.
