The UT is used on Venezuelan soil as a reference to determine the amount to be paid in taxes, fees, fines and other tax obligations.
If you are a taxpayer in Venezuela, know the value of the 2024 tax unit Photo: Libero Composition.
Taxing Unit (UT) It has a fundamental role in the Venezuelan tax system, as it serves as the basis for calculating various taxes, fees and penalties. On the other hand, The value of UT is adjusted periodically to reflect inflation and other economic factors, so 2024 is no different. What is the price in July? Consult the latest information on this economic aspect.
What is the value of the tax unit in Venezuela this 2024?
It was established pursuant to Administrative Rule No. SNAT/2023/000031, issued by the National Integrated Customs and Tax Administration Service (SENIAT) on April 13, 2023 and published in the Official Gazette No. 42,623 on May 8, 2023 Increase in the value of the tax unit for the year 2024The new value is BS. 9.00instead of BS 0.40.
This administrative decision establishes the new value of the tax unit. Image: Official Gazette of the Bolivarian Republic of Venezuela.
- For more information regarding the value of the 2024 tax unit in Venezuela, go here Official Link of Administrative Providence Number SNAT/2023/000031.
When did the new value of tax unit come into effect in Venezuela?
According to Administrative Regulation No. SNAT/2023/000031, the new value of BS 9.00 for the tax unit came into effect 8 May 2023.This amount is determined from time to time by the National Integrated Customs and Tax Administration Service (SENIAT).
What will be the impact of the increase in tax unit in Venezuela?
Tax Unit (UT) increased in Venezuela Various impacts on the national economy and finances of citizens. The main ones are:
Increase in Government Tax Revenue:
As the value of UT increases, this also increases The amount of various taxes, fees and penalties has been increasedthus generating more income for the national treasury. These additional resources can be used to finance public expenditure, such as investment in infrastructure, education and health.
Rise in Inflation:
Adjustments to UTs can cause inflationary effects by raising the cost of some goods and services. This effect hurts lower-income sectors to a greater extent.
Impact on companies:
The increase in UT also affects companies, as they will have to face higher taxes, fees, and tariffs.This can impact your profitability and competitiveness in the marketplace.
Effects on Workers:
Workers may experience mixed effects:
- Increase in Income: If the UT adjustment translates into wage increases, it could improve the purchasing power of workers.
- Increase in Withholding: However, the increase in UT also leads to increase in wage withholding, thereby reducing the net income of workers.
In short, the impact of the 2024 tax unit value increase in Venezuela is complex both positive and negative effects In various aspects of the economy and finances of citizens.
How to declare taxes in Venezuela?
In Venezuela, tax management is in charge of the National Integrated Customs and Tax Administration Service (SENIAT). The following details Tax filing process in the country,
- Registration in the Tax Information Registry (RIF): Before making any declaration, both natural and legal persons must register the RIF with SENIAT.
- Determination of taxes to be declared: The taxes that must be declared must be identified according to the specific situation of the taxpayer, such as income tax, value added tax (VAT) and taxes on economic activities, among others.
- Obtaining the declaration form: SENIAT provides the necessary forms for tax reporting.
- Preparation of the Declaration: With the determination of the taxes to be declared and the forms in hand, the tax return is completed, providing detailed information on income, expenses and other relevant elements to calculate the amount owed.
- Presentation of the declaration: Once the form is completed, it must be submitted to SENIAT.
- Tax Payment: Depending on the financial situation of the taxpayer, it may be necessary to pay the declared taxes through methods authorized by SENIAT, such as bank transfer, deposit, etc.