Deadline for submitting returns on profit tax (ISLR) due for the current financial year expires at the end of June

Caracas Daily Journal (Jeremy Morgan): The deadline for submitting returns on profit tax (ISLR) due for the current financial year expires at the end of this month. Just in case anybody was inclining towards forgetting, the tax collection agency, Seniat, sent out a strictly worded reminder via state news agency ABN on Tuesday.

In a statement in which urged people to "comply with their duty to present an estimated declaration," Seniat noted that the requirement to declare on time had been officially in force since February.

Contributions to ISLR are required from people or organizations with net incomes of 1,500 tax units or more during the preceding financial year. The value of the tax unit is currently set at Bs.F.46, or Bs.46,000 in old money. Payment can be scheduled in six equal consecutive monthly installments. Any odd amounts would have to be included in the first such installment, which would be due when the tax declaration was submitted, the statement added. However, this has to be arranged beforehand in negotiations with tax inspectors.