VenezuelaAccounting and Audit
The tax year is normally a company's own financial year as prescribed by commercial law or the incorporation documents. A return of estimated income must be filed in the sixth month of the tax year, but taxpayers with an income not exceeding 1,500 tax units in the previous year are exempt from this obligation. A final return must be filed within the three months following the end of the tax year, although the authorities may grant an extension. Extensions are rare.
The tax system is basically one of self-assessment, but the tax authorities may raise assessments when the taxpayer fails to furnish information or furnishes unsatisfactory information, the taxpayer files an incorrect return, the taxpayer fails to keep proper accounting records, or the tax authorities themselves carry out an audit.
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