- The deadline to make the income tax payment is March 31
The Integrated National Customs and Tax Administration Service (Seniat) reported that the deadline for the declaration and payment of Income Tax (ISLR) ends on March 31.
Taxable year. The calculation of taxable income for income tax is from January 1 to December 31, 2021.
The agency indicated that only those people who during the fiscal year 2021 have obtained income that is equivalent to or greater than 1,000 Tax Units (UT) must declare taxes. For such purposes, the value of the UT of said year will be used as a reference, that is, Bs. 20.
Do you know how a Natural Person can make his calculation to know if he declares and pays the #ISLR?#DeclaraYPagaElISL #VenezuelaSeRespect pic.twitter.com/Me2BnmreVK
— SENIAT (@SENIAT_Oficial) March 16, 2022
Who is required to declare income tax?
Natural persons who meet the following criteria must formalize the payment of their Income Tax before March 31. If they do not do so, they are exposed to being investigated and sanctioned by the authorities for the commission of the crime of tax evasion.
1) Natural persons who during the previous fiscal year (2021) obtained an enrichment of more than 1,000 UT, equivalent to Bs. 20,000 ($ 4,656.58)
2) Natural persons who during the fiscal year of the previous fiscal year (2021) generated gross income of more than 1,500 UT, equivalent to Bs. 30,000 ($ 6,984.87)
3) Natural persons engaged in agricultural, livestock, fishing or fish farming activities at the primary level, with gross income greater than 2,625 UT, equivalent to Bs. 52,500 ($ 12,223.52)
This means that every person whose average monthly income was higher than Bs. 1,666.67 ($388.05) must comply with the process of declaring their income before the Seniat.
Likewise, the current tax regulations establish that all legal entities are obliged to make their definitive presentation of income. In your case, this is necessary even if you reported losses during the previous tax year.
Family Food Basket
An interesting fact is that although the income tax payment is designed so that the people who generate the most income make a contribution to the treasury, in the Venezuelan case this is subject to interpretation.
The reason is that in the case of people who generated more than 1,001 UT, by law they are required to pay taxes. However, this amount is equivalent to a monthly income that, although well above the minimum wage, was insufficient to cover the costs of the Family Food Basket (CAF).
According to the Documentation and Social Analysis Center of the Venezuelan Federation of Teachers (Cendas-FVM) for the end of 2021, the amount necessary to cover the CAF was equivalent to $431.71.
The law also establishes that pensioners and retirees are exempt from paying income tax. The reason for this is that, in the opinion of the Venezuelan State, the income of this age group of the population does not have its own source of enrichment. In their case, their income comes precisely from an income protected by law that must be deposited monthly and that must be equivalent, at least, to the legal minimum wage in force at that time.
However, the Seniat clarifies that in the case of those retirees and pensioners, who have an alternative source of income and meet the criteria described above, they must pay the corresponding taxes according to the amount of their income.
ISLR
Steps to follow to declare the ISLR
The Seniat website has a step-by-step guide on everything that citizens who wish to file their declaration and subsequent payment of taxes must do.
1. Enter the Seniat portal, through the following link address www.seniat.gob.ve.2. In the Online Seniat section, click on the Natural Person option.
3. Place username and registered password and enter the code shown in the image to enter and press the Accept button.
4. In the Taxpayer Menu, click on the options Tax Processes / ISLR Declaration / Definitive.
5. Verify the displayed information of the RIF. If you are satisfied with it, press the YES button to continue with the declaration process. Otherwise, press the NO button.
6. Mark the options that apply to start the declaration. To comply with the provisions of the Exoneration Decree, check the YES option in the question Do you have exempt or exempt income?
7. Place in item 816 the amount of 7,500,000.00. Amount corresponding to the 5,000 UT for Bs. 1,500.
8. In item 143 corresponding to the Territorial Source, place the amount obtained for salaries, wages and other remuneration less the amount of item 816 corresponding to the amount of the exemption.
9. Press the Continue button to advance in the registration of your tax return.
10. In the event that it corresponds to ISLR, verify and select the number of portions in which you wish to make the payment and press the Continue button.
11. Verify the registered information. If you are satisfied, press the Declare button.
12. The system displays a confirmation message, if you are sure of the information provided, press the Accept button, otherwise press the Cancel button.
13. If the return is zero payment, the message will be displayed: Your return has been successfully registered, showing the number of the electronic certificate.
14. If the return is with payment, the message will be displayed: Your return has been successfully registered, showing the payment commitment(s) acquired. Select the commitment payment method: manual or automatic. Once the amount is paid and reconciled, the electronic certificate will be generated.
15. To log out of the system, click the Logout button in the upper right corner of the screen.
In which banks can the Income Tax be paid?
According to the information published by Seniat, both in its Web page and through their social networks, a total of 15 banks are authorized to process the payments corresponding to the ISLR.
Similarly, from the agency they point out that if required, citizens can go to the Seniat headquarters closest to their tax domicile so that agency personnel can guide them in the tax declaration process.
Below is the list of all authorized financial entities:
1) Treasury Bank
2) Bicentennial Bank
3) Bank of Venezuela
4) Western Discount Bank
5) Provincial Bank
6) Bank
7) Active Bank
8) National Credit Bank
9) Outer Bank
10) Caroni Bank
11) Common Fund Bank
12) Mercantile Bank
13) Sofitasa Bank
14) 100% Bank
15) Banking.