legal aspects relating to income tax
ISLR Concept
tax imposed on the net and available annual enrichments obtained in cash or in kind. Unless legal, all natural or legal person, resident or domiciled in Venezuela, pay this tax on income from any source, whether the cause or source of income is located within the country or outside it.
Organization Act income tax
Established and designed to govern all actions of the national income tax
tax imposed on the net and available annual enrichments obtained in cash or in kind. Unless legal, all natural or legal person, resident or domiciled in Venezuela, pay this tax on income from any source, whether the cause or source of income is located within the country or outside it.
Organization Act income tax
Established and designed to govern all actions of the national income tax
Action Area of \u200b\u200bthe Law on Income Tax:
Article 2. Any natural or legal person, resident or domiciled in Venezuela, as well as natural or legal persons domiciled or living abroad have an establishment permanent or a fixed base in the country may be credited against the tax under this Act is to pay them, the income tax paid abroad by the enrichment of extraterritorial power by which they are required to pay tax the terms of this Act
For the purposes of accreditation under this Article, an income tax that taxes all income or items of income, including taxes on gains from the alienation of property movable or immovable property and taxes on salaries and wages and capital gains taxes. In case of doubt, the tax must determine the nature of the tax creditable.
creditable The amount of tax, from foreign sources referred to in this Article shall not exceed the amount obtained by applying the rates established in Title III of this Act to the global total taxable income for the year concerned in the proportion of taxable income from foreign sources represent the enrichment of total global net.
In the case of proportional enrichment taxed in terms of this Act, the amount of tax creditable, may not exceed the income tax that would have been paid in Venezuela for these enrichments. For purposes
of determining the amount of tax actually paid abroad creditable under the terms set forth in this Article shall apply the exchange rate in force when it occurs the payment of foreign tax, calculated as provided in Central Bank Act Venezuela.
Concept
Natural Person means individuals, individual, physical, simple concrete are individuals of the human species and only them.
Natural Person means individuals, individual, physical, simple concrete are individuals of the human species and only them.
concept of legal persons
means legal persons in the strict sense, collective, moral, complex or abstract entities which are all suitable for holders of rights or duties that are not individuals of the human species . They are divided into legal persons Public Law and Private Law. Conceptual distinction between them is as difficult as conceptual distinction between public law and private law.
means legal persons in the strict sense, collective, moral, complex or abstract entities which are all suitable for holders of rights or duties that are not individuals of the human species . They are divided into legal persons Public Law and Private Law. Conceptual distinction between them is as difficult as conceptual distinction between public law and private law.
Persons obliged to submit the final declaration of the Income Tax individuals
A) residents in the country to earn annual salaries or more thousand tax units
B) residents in the country who are free traders and financial professionals to obtain an annual income equal to or greater than 1,500 units
tax C) are not resident in the country regardless of the amount of enrichment
Persons obliged to submit the final declaration of the Income Tax legal persons
A) companies
anonymous B) societies limited liability
C) societies or limited collective name
D) holders hydrocarbon enrichment and related activities
E) associations, foundations and corporations
F) permanent establishments
G) companies owned by the nation, states and municipalities
taxable event
A) companies
anonymous B) societies limited liability
C) societies or limited collective name
D) holders hydrocarbon enrichment and related activities
E) associations, foundations and corporations
F) permanent establishments
G) companies owned by the nation, states and municipalities
taxable event
The Tax Code provides:
Article 36. The taxable event is the budget established by law to establish the tax and whose conduct causes the birth of the tax liability.
Article 37. occurred is considered the existing event and its results:
1. In situations of fact, from the moment it has fulfilled the necessary material conditions to produce the effects that normally apply to them.
2. In legal situations, from the time they are finally formed in accordance with applicable law.
1. In situations of fact, from the moment it has fulfilled the necessary material conditions to produce the effects that normally apply to them.
2. In legal situations, from the time they are finally formed in accordance with applicable law.
Article 38. If the taxable person was conditioned by the law or is a legal act conditioned, you are considered completed:
1. At the time of its occurrence or celebration, regardless of whether the condition precedent.
2. Upon the condition, whichever occurs precedent.
Paragraph: In case of doubt means that the condition is precedent.
1. At the time of its occurrence or celebration, regardless of whether the condition precedent.
2. Upon the condition, whichever occurs precedent.
Paragraph: In case of doubt means that the condition is precedent.
Exemptions Exemptions and
The Tax Code provides as follows:
Article 73. total Exemption of waiving or partial payment of the tax obligation, issued by the special law tax.
Exemption is partial or total waiver of payment of tax liability, granted by the Executive as permitted by law.
Exemption is partial or total waiver of payment of tax liability, granted by the Executive as permitted by law.
Article 74. The law authorizing the Executive to grant exemptions, specify the charges to include, the budgets needed to proceed and the conditions to which the benefit is subject. The law may empower the executive to submit the waiver to certain conditions and requirements.
Article 75. The law authorizing the Executive to grant exemptions, set the maximum duration of benefit. If not fixed, the maximum term of the exemption shall be five (5) years. Once the term of the exemption, the Executive may renew up to the maximum period set by law, or otherwise, of this article.
Paragraph: The exemptions granted to nonprofit institutions, may be indefinite.
Paragraph: The exemptions granted to nonprofit institutions, may be indefinite.
Article 76. Exemptions will be granted on an general, for all who are on budgets and conditions established by law or fixed by the Executive.
Article 77. exemptions and waivers may be revoked or amended by subsequent law, but being based on certain factual conditions. However, whenever it has a fixed term duration, current benefits are maintained for the remainder of that term, but in no case more than five (5) years after the repeal or amendment.
Article 78. The tax cuts will be governed by the provisions of this Chapter as applicable to them.
There are different rules or rates applicable to the nature of event and the figure responsible for it
a) Rate No. 1: established for individuals
b) Rate No. 2: established for legal persons
c) Rate 3: set only for taxpayers who receive royalties or mining shares and other similar units at 60% and those engaged the exploitation of hydrocarbons and related activities with 50%
Bibliography
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