Venezuela’s Income Tax: Key Concepts & Rules
Venezuela’s Income Tax: Key Concepts
Who are Taxpayers? (ART 1)
Any individual or entity domiciled in the Republic, regardless of whether the source of income is within or outside the country.
Taxable Events (ART 3)
Sales and imports of goods and services.
Net Income (ART 4)
The sum of all taxable income minus the cost of borrowing and deductions allowed by law.
Contributor (RULE 5)
The taxpayer who is obliged to charge VAT.
Types of Contributors (RULE 7)
- Individuals
- Anonymous Companies (SA)
- Limited Liability
Understanding Administrative Law: Principles and Scope
Nature and Scope of Administrative Law
Administrative law is a branch of public law that deals with the organization, powers, duties, and functions of public authorities of all kinds engaged in administration. It covers the rules, regulations, orders, and decisions of administrative agencies and the implementation and enforcement of these regulations. Here are the key aspects of its nature and scope:
Nature of Administrative Law
Regulatory Framework: It provides a regulatory framework for the functioning
Read MoreCustomary Law and International Treaties Application
Application of Customary Law
First problem: To demonstrate the existence of an unwritten rule, you must prove its two constituent elements:
- A constant and uniform practice.
- The conviction that this practice has become compulsory (opinio iuris).
Second problem: Proving that this custom applies to the other party. Evidence can be found in:
- Diplomatic correspondence between states, which can reveal positions on particular situations.
- Conventional practice of states, deduced from international treaties (e.
Key Principles of Public Administration: Responsibility & Efficiency
Key Principles Inspiring Public Service
The following principles inspire public service:
Responsibility: Taken from Article 4 of the LOC General Bases for the Administration of the State, reiterating a rule in the EPC (Article 38). The State is liable for damages caused by administrative bodies exercising their functions, without prejudice to the responsibilities affecting the officer who caused the damage. This liability points to a lack of service, which can stem from three reasons: wrongdoing by
Civil Law: Contracts, Torts, Property, and IP
Civil Law
Civil law is a branch of law that deals with disputes between individuals, organizations, or both, typically involving private rights and obligations rather than criminal offenses. The goal of civil law is to resolve conflicts and provide remedies, such as compensation, rather than to punish wrongdoing.
Types of Civil Law
- Contract Law (derecho de contratos): Governs agreements between parties.
- Tort Law (derecho de daños y perjuicios): Covers civil wrongs such as negligence.
- Property Law (derecho
Data Verification Procedures and Limited Audits Explained
1 – Data Verification Procedure
Assumptions:
- a) The declaration or formal defects or reverse arithmetic.
- b) When the data reported do not coincide with others.
- c) To appreciate CNDO misapplied the law, as reflected in the declaration itself, self-assessment, or supporting documents.
- d) When required, some clarification or justification of data.
Initiation
- Shape a communication indicating: the initiation, the tax, and the affected period for the verification, the deadline to respond to the request, and