In October alone, collection through Income Tax was $218 million, while the figure collected through Value Added Tax (VAT) was $274 million, according to data published by Seniat.
The National Integrated Customs and Tax Administration Service (Seniat) collected between January and October of this year a total of 389,713,685,741 bolivars ($9 billion), while in the same period of 2023 it obtained a total of 127,078,207,343 bolivars ( $2.9 billion), which represents an increase of 210% in one year.
This November 1, the institution reported through its Instagram account that it closed the month of October with a collection of 32,200,225,241 bolivars, which is equivalent to $753,927,071 at the official exchange rate of the Central Bank of Venezuela (BCV) of this Friday.
The superintendent, José David Cabello, reported that the breakdown of the income received from the various incomes in the month of October was: Income Tax (ISLR) of 9,332,470,447 bolivars ($218 million), while The amount collected from the Value Added Tax (VAT) is 11,707,902,208 bolivars ($274 million).
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In terms of customs, 7,349,592,769 bolivars ($172 million) were reached and the amount obtained in other internal revenues is 3,810,259,816 bolivars ($89 million). The income Internal taxes include taxes collected from cigarettes, liquor, inheritance, fines, interest and other items.
National companies often point to excessive tax collection as one of the main problems, something that they claim has become more pronounced in recent years. For example, in May of this year, a new tax was added to the burdens of companies, such as the Pension Law, which establishes an additional 9% of the obligations they already had in terms of social security.
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