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Venezuela - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
In Venezuela, the system of levy is expressed in tax units which specify tax rates. Since February 2004, the value of a tax unit is 27,400 Bs.
From 0 to 2,000 tax units: 15%
From 2,000 to 3,000 tax units: 22%
Beyond 3,000 tax units: 34%.
oil companies are taxed with a signle tax rate of 50%.
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Taxe rate on long-term capital gains |
In Venezuela, the levy of capital gains are included in the Corporate tax.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
Dividends are generally taxed in Venezuela at the rate of 34% (50% for oil companies and 60% for mining comanies).
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Tax rate on branches |
Foreign branches are taxed on profits made in Venezuela.
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Income tax
Fiscal year |
The fiscal year begins on January 1-st and ends on December 31 of the same year.
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Income tax rate |
Income of resident individuals expressed in tributary units is subjected to tax at the following rates: (since February 2004, the value of a tax unit is 27,400 Bs)
up to 1,000 units: 6%
1,000 to 1,500 units: 9%
1,500 to 2,000 units: 12%
2,000 to 2,500 units: 16%
2,500 to 3,000 units: 20%
3,000 to 4,000 units: 24%
4,000 to 6,000 units: 29%
Beyond 6,000 units: 34%
Levy of non-residents:
Salaries, premiums etc: 34%
Professionnal services: 30,6%
Technical aid: 10,2%
Technological services: 17%
Other sources of incomes: 34%.
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VAT rates
Standard rates |
Applying VAT rate is 16% since September 2002.
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Reduced rates |
No reduced rate.
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Other important taxes
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Name of tax |
Rate |
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Donations and successions
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1% to 55%
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Municipal tax
(municipal Impuesto)
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Variable rate according to the place of implanting of the company and its activity.
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Held at the source on interests
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of 4,95% to 32,3%
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Royalties
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Maximum 30,6%
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Accounting
Introduction
The accounting practice in Venezuela refers to the American model with some small differences.
General accounting principles
There is no obligation for the presentation of the accounting information. These information published must be clear, understandable and reliable.
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Obligations and publications
All commercial companies of Venezuela have to establish some accounting documents:
- The account book
- The stocking account
- The account of depenses 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.
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.
Professionals and representative organizations
The "Federacion de Colegios de Contadores Publicos de Venezuela".
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Export Entreprises SA ©, All rights reserved
Last modified in
January 2003
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