Income Tax
is a tax on annual net and available enrichments obtained in cash or in kind. Unless legal, all natural or legal person, resident or domiciled in Venezuela, will pay this tax on income from any source, whether the cause or source of income is located within the country or outside it. Natural persons or legal entities not resident or domiciled in Venezuela, will be subject to this tax if the source or cause of their enrichment is or occurs within the country, even if they have a permanent establishment or fixed base in Venezuela, and if to possess, be taxed only on income or foreign source attributable to such permanent establishment or fixed base.
who are obliged to declare
According to the provisions of LISLR, are required to submit the final statement of income:
• Individuals residing in the country and inheritance lying to obtain a total annual net enrichment over 1,000 UT or gross income greater than 1,500 UT;
• Individuals who are engaged in agricultural activities, livestock, fisheries or fish at the primary level and to earn higher gross of 2,625 UT;
• Legal persons domiciled in the country and assimilated to them, regardless of the amount of enrichment or loss;
• Natural persons or legal entities not resident or domiciled obtain some enrichment at home, regardless of the amount thereof and,
• The natural or legal persons domiciled or living abroad, having a fixed base or establishment permanently in the country, only by income or foreign source attributable to them. (Article 80 and 82 of the Law on Income Tax)
• Individuals who are engaged in agricultural activities, livestock, fisheries or fish at the primary level and to earn higher gross of 2,625 UT;
• Legal persons domiciled in the country and assimilated to them, regardless of the amount of enrichment or loss;
• Natural persons or legal entities not resident or domiciled obtain some enrichment at home, regardless of the amount thereof and,
• The natural or legal persons domiciled or living abroad, having a fixed base or establishment permanently in the country, only by income or foreign source attributable to them. (Article 80 and 82 of the Law on Income Tax)
Taxable Event
The event generating the tax obligation is to obtain enrichments net annual available, either in cash or in kind. Enrichment
Net is the increase in asset values \u200b\u200bresulting after subtracting from gross income, costs and deductions allowed by law. Enrichment
available: it is one that has actually entered the legal and fiscal domain of the recipient, making it susceptible to being taxed. Enrichment
year: the one obtained within the period of twelve calendar months which is the taxpayer's fiscal year.
Net is the increase in asset values \u200b\u200bresulting after subtracting from gross income, costs and deductions allowed by law. Enrichment
available: it is one that has actually entered the legal and fiscal domain of the recipient, making it susceptible to being taxed. Enrichment
year: the one obtained within the period of twelve calendar months which is the taxpayer's fiscal year.
How to Determine the taxable income?
Income Tax Act states that income Gross earned by the taxpayer during the taxable year, are made in the amount of sales of goods and services in general as well as perceived by the concept of any economic activity.
To determine taxable income taxable by the income tax, will take the total gross income received by the taxpayer is subtracted from cost of goods sold and services rendered within the country:
To determine taxable income taxable by the income tax, will take the total gross income received by the taxpayer is subtracted from cost of goods sold and services rendered within the country:
to . The cost of the acquisition of goods for resale or processing within the country and the cost of materials and other goods for the production of income;
b. Commissions usual, provided they do not correspond to fixed amounts, but normal rates, calculated on the price of goods that are collected exclusively for making representations concerning the acquisition or purchase of goods;
c. The costs associated with transportation and insurance of the assets invested in the production of income. These costs are above what we subtract from the gross income, then the taxpayer shall the amount borrowed, net of costs or expenses (deductions) incurred by it during the taxable year.
b. Commissions usual, provided they do not correspond to fixed amounts, but normal rates, calculated on the price of goods that are collected exclusively for making representations concerning the acquisition or purchase of goods;
c. The costs associated with transportation and insurance of the assets invested in the production of income. These costs are above what we subtract from the gross income, then the taxpayer shall the amount borrowed, net of costs or expenses (deductions) incurred by it during the taxable year.
Waiver and Release Differences Exemption: is the total or partial waiver of compliance with the tax liability, granted by law, in which case the beneficiaries are obliged to inform the tax authorities for appropriate monitoring and control.
Exemption: is in total or partial waiver of compliance with tax obligations, issued by the National Executive, as permitted under the Act, as well as their exemptions Beneficiaries are obliged to inform the tax authorities for appropriate monitoring and control.
are exempt from payment of income tax:
entities
1 .- Venezuelan public, the Central Bank of Venezuela and the Fondo de Inversiones de Venezuela, and others autonomous official institutions established by law.
2 .- The officials and other foreign diplomats accredited to the republic for the salaries they receive from their government.
3 .- charities and social welfare.
4 .- The workers or their beneficiaries, compensation receiving at the time of employment.
5 .- policyholders and their beneficiaries.
6 .- The pensioners and retirees.
7 .- grantees, heirs and legatees, by donations, legacies and bequests they receive.
8.-The member banks, savings and retirement funds or plans, retirement and disability contributions made by companies or other entities for their workers.
9.-natural persons, by income derived from interest on fixed deposit. Among others,
reliefs
are the amounts allowed by law to deduct from the taxable income earned during the fiscal year to individuals residing in the country and assimilated. The result, after applying the appropriate reduction, provides the basis for the implementation of the fee prescribed by law.
rates reliefs
natural persons resident in the country may enjoy the following reliefs provided in the case of payments made in the country during the tax year concerned, and that they could not be deducted as expenses or costs, for the purposes of determining the taxable income taxable:
1. It paid the country's educational institutes, for education of the taxpayer and his descendants not more than 25 years. This age limit does not apply to special education cases.
2. Amount paid by the taxpayer to companies domiciled in the country, by way of insurance premiums for hospitalization, surgery and maternity.
3. We paid for medical, dental and hospital provided in the country to the taxpayer and their dependents, ie, ancestor or lineal descendants in the country.
4. The fees paid for interest in the case of loans obtained by the taxpayer for the purchase of your main home, or you paid for rental housing that serves as permanent seat of the home, this may not be disencumbrance UT over 1,000 in the case of payment of fees and 800 UT in the case of rent. (These reliefs must be supported). However, the Income Tax Act raises other disencumbrance desgrvamen called Unique, which eligible taxpayers (individuals), if the same have not chosen the previous reliefs, This One is of 774 disencumbrance UT
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