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Venezuela Announces Surprise Revenue Windfall

by Mike Godfrey, Tax-News.com, Washington

14 April 2015


Venezuela's tax authority collected almost double the amount of revenue targeted during the first quarter of 2015, due to a stronger economy and efforts to strengthen the tax culture.

Revenue totaled VEF200.9bn (USD31.64bn) during the period, against a target of VEF113.5bn.

Revenue from income tax (ISLR) totaled VEF64.4bn during the first three months of the year, above the target of VEF39bn. Meanwhile, non-oil revenues accounted for 68.8 percent of total revenues.

In November 2014, Venezuelan President Nicolas Maduro approved a number of tax increases, including a hike to the excise duty on purchases of luxury goods from 10 percent to 15 percent.

TAGS: tax | economics | Venezuela | fiscal policy | budget | excise duty | revenue statistics | individual income tax | Tax

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