Venezuelan tax and customs service office building in the east of Caracas. Photo: SENIAT.
Tax collection in Venezuela increased by 93% during January – November this year compared to the same period in 2021, according to data released on Thursday, December 1, by the head of Venezuela’s National Integrated Customs and Tax Administration Service (SENIAT), JosĂ© David Cabello.
From January to November 2022, the Venezuelan state collected, at the official average exchange rate for that period, $4.3 billion, when in the same period last year the collection was $2.2 billion.
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Cabello reported that Bs 4.98 billion were collected in November, which is almost $526 million at the average exchange rate for the month, of which $64.79 million were through Income Tax (ISLR), $273.75 million through Value Added Tax (VAT), $69.45 million through customs, and $117.90 million through “other internal taxes.”
Venezuela, en lo que va de año hemos recaudado 25 millardos 465 millones 628 mil 231 bolĂvares, que es igual a 38.795.308petros. Seguimos firmes en nuestra meta de aumentar la recaudaciĂłn y disminuir la evasiĂłn fiscal.Venceremos #SENIATPotenciaLaEconomĂa #SENIATVictoriaTributaria pic.twitter.com/KdkD7h95kj
— JosĂ© David Cabello R (@jdavidcabello) December 1, 2022
“We remain firm in our goal of increasing tax collection and reducing tax evasion,” Cabello said.
Economists say that this improvement in collection is due to greater economic activity in 2022 compared to 2021.
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However, the private sector “warns” of “fiscal voracity” due to the increase in taxes, which has led merchants and small and medium industries to look for “informal means” of income.
Venezuela’s far-right Confederation of Industrialists (Conindustria) recently claimed that one of the main problems affecting the manufacturing sector is “excessive” taxes.
(RedRadioVE) by Victoria Torres
Translation: Orinoco Tribune
OT/JRE/SC
