The tax year for individuals is the year to 31 December. Returns are due by the end of the following March. Individuals must file income tax returns when their overall net income exceeds Bs 1.7 million (1,000 tax units) or their gross income exceeds Bs 2,550,000 (1,500 tax units).
Estimated returns must be filed and estimated tax paid during the current year by individuals engaged in a range of activities, including commercial activities. The advance tax may be payable in a single installment or in several installments, depending on the total amount involved. When the final return is filed, any balance of tax owing must be paid in up to three installments. Employment income is subject to deduction of tax at source.
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