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ΠΡΟΦΙΛ ΣΥΝΑΛΛΑΣΣΟΜΕΝΩΝ ΧΩΡΩΝ
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Taxes - Accounting
Tax rates |
Accounting rules
Tax rates
Consumption taxes
- Nature of the tax
-
VAT: value-added tax
- Tax rate
- The VAT rate passed at 12% on April 1st, 2009.
An additional 10% can be charged on certain luxury goods, including high-value vehicles and jewellery.
- Reduced tax rate
- Between 8% and 10%
Are exempted exports, services of banks, financial institutions and leasing companies, insurance services, the sale of shares and bonds, domestic passenger transport, basic foodstuffs, farming machinery, ships and some education and health services.
- Other consumption taxes
- Municipal tax: rate varies according to the industrial or commercial activity concerned. Tax on subsidiary profits, taxes on oil exploitation, timber rights, taxes on the surface of non-exploited soils.
Corporate taxes
Tax rate
| Corporate tax for petroleum companies and income from petroleum-related activities |
60% |
| Corporate tax for mining royalties and transfers of such royalties |
60% |
Corporate tax for resident companies:
The system of levy is expressed in tax units that specify tax rates |
Since March 2009, the value of a tax unit is 55 VEB. (See below) |
| - from 0 to 2,000 tax units: |
15% |
| - from 2,000 to 3,000 tax units: |
22% |
| - beyond 3,000 tax units: |
34%. |
- Capital gains taxation
- The levy of capital gains is included in the corporate tax.
- Main allowable deductions and tax credit
- None. In certain sectors and certain geographical zones there are however fiscal incentives.
- Other corporate taxes
- Payroll tax for companies having more than 5 employees : 2% which are paid to the National Institute for Educational Cooperation.
Individual taxes
Tax rate
| Income tax |
Income of resident individuals expressed in tributary units is subjected to tax at the following rates. Since March 2009, the value of a tax unit is 55 VEB. There are height tax rates. |
| Up to 1,000 units |
6% |
| 1,001 to 1,500 units |
9% |
| 1,501 to 2,000 units |
12% |
| 2,001 to 2,500 units |
16% |
| 2,501 to 3,000 units |
20% |
| 3,001 to 4,000 units |
24% |
| 4,001 to 6,000 units |
29% |
| Beyond 6,000 units |
34% |
- Allowable deductions and tax credit
- Legal deductions include the following:
- school tuition and costs for dependants younger than age 25,
- health-insurance premiums,
- medical, dental and hospitalisation costs,
- interest on loans for housing purchase or expansion up to 1,000 units,
- house payment or rental costs up to 800 units per year.
A standard deduction of 774 units may be taken.
Each taxpayer may also deduct 10 units per person and per child.
- Special expatriate tax regime
- None.
 We can indicate you which local taxes are applied to your product.
Accounting rules
- Tax year
- The fiscal year begins on January 1-st and ends on December 31 of the same year.
- Accounting standards
- The Venezuelan accounting practice follows the American model quite accurately. The FCCPV: Venezuela Public Accountants Federation advocates the adaptation of PCGA : the principles of accounting generally accepted in countries following the IASC norm, the International Standard Commitee norm.
- Accounting regulation bodies
-
FCCPV : The Venezuela Federation of Public Accountants Colleges
- Accounting reports
- There is no obligation for the presentation of the accounting information. These information published must be clear, understandable and reliable.
- Publication requirements
- All commercial companies of Venezuela have to establish some accounting documents:
- The account book
- The stocking account
- The account of expenditures analysis
- The stocking evolution.
To realize a financial analysis, companies have to make out a balance sheet and a profit and loss account which will be controlled and reported to the "Commercial Court" by an independent auditor. The delay of presentation of documents to the Commercial Court is 10 days from the date of the shareholders' meeting.
- Professional accountancy bodies
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Auditing firms listed by region.
- Certification and auditing
- The balance sheet and the profit and loss account made out by the company must be controlled by an auditor (comisario) appointed by the shareholders. This auditor will have the responsibility to determine if the accounting of the company is in accordance with the current laws. Then, he has to report the results of the audit to the shareholders during the annual meeting.
- Accounting news
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de Gerencia: Journal of management and negotiation
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