They claim that special taxpayers pay 80% of their profits in taxes

From the Venezuelan Association of Tax Law The impact of paying taxes on special taxpayers was warned about. Juan Korody, president of the organization, pointed out that on average Companies must pay 80% of their profits in taxes.

Interviewed on Unión Radio, the expert said that this was the percentage reached in a meeting held this year with businessmen. In the case of non-special taxpayers, the percentage exceeds 50%..

“For an entertainment company, which I will not name, its tax share exceeds 95%, this also happens with consumer goods companies”the expert gave as an example.

In the case of alcohol and cigarette companies, their contribution is 50% to 70% of their profits. He also stressed that An average special taxpayer is able to pay a tax return on timetotaling more than 200 per year.

“Taxation in Venezuela is under strong pressure from economic distortions”lament.

Korody recalled that national companies should not only be accountable for burdens on the Statethey must also do so at the municipal level.

“In terms of national taxes, companies have to pay Income Tax (ISLR) on which withholdings are made throughout the year, Value Added Tax (VAT) and special taxpayers, which are almost all, must pay Wealth Tax and Tax on Large Financial Transactions (IGTF)”he said.