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Substitute Tax Return. Natural Persons – Exemption from payment of IT of up to 3,000 Tax Units

An Informative Bulletin was published in the web page of the National Integrated Service of Customs and Tax Administration (Servicio Nacional Integrado de Administración Aduanera y Tributaria  - SENIAT), on April 28, 2016. Said Bulletin exhorts natural persons to file a substitute Income Tax (IT) return before Thursday, May 10, 2016 (day on which the period of time for paying the third portion of the IT ends) if they filed a tax return and paid said tax before the publication in Official Gazette No. 40.864 of March 8, 2016 of Decree No. 2.266 of March 8, 2016, issued by the President of the Republic (corrected due to an error by Official Notice published in Official Gazette  No. 40.865  of March 9, 2016), which Decree exempted from payment of IT the annual net income of territorial source obtained by  natural persons residing in the country, for up to an amount in Bolivars equivalent to three thousand Tax Units (3,000 T.U.), that is, Bs. 450,000.00,.

 

The Informative Bulletin also states that the natural persons who wish to enjoy said exemption and decided to pay the IT in portions will have to file such substitute return in order for the system to reestablish the cancellation of said portions; the first one of said portions will remain as a fiscal credit in favor of the taxpayer and the other ones will be automatically annulled by the system.

 

In order to access the Informative Bulletin, please click here.

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”