Accounting in Venezuela: standards, taxes and GoSoft
Accounting guide for Venezuela: National Integrated Customs and Tax Administration Service (SENIAT), IVA 16 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | National Integrated Customs and Tax Administration Service (SENIAT) |
| Currency | VES · bolívar |
| Tax ID | RIF |
| Consumption tax | IVA · 16 % |
| Income tax | Income tax (ISLR) with a progressive rate of up to 34 % for companies. |
| Fiscal year | Calendar year or another twelve-month period chosen by the company. |
| E-invoicing | Invoices with control numbers from authorized printers or issued by fiscal machines. |
Accounting framework
VEN-NIF, issued by the Federation of Public Accountants Associations (an IFRS adaptation).
Chart of accounts
There is no mandatory chart of accounts: the company defines it according to its framework. GoSoft ships a base chart you can adapt.
Financial statements
In Venezuela the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Statement of financial position
- Income statement
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
VAT purchases and sales books, besides the accounting books.
Periodic tax returns
Monthly VAT (or fortnightly for special taxpayers), VAT and ISLR withholdings, and annual income tax.
What you need to know
- Special taxpayers withhold 75 % of VAT (100 % in some cases).
- There is a large financial transactions tax (IGTF) on payments in foreign currency.
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for Venezuela. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
IVA16 | VAT 16% | VAT | sales and purchases | 16 % |
RET-IVA | VAT withholding (special taxpayer) | VAT | payments to suppliers (withholding) | 75 % |
RET-ISLR | ISLR withholding · services | Income | payments to suppliers (withholding) | 3 % |
How to set up GoSoft for Venezuela
In My company, choose the country Venezuela and the currency VES.
When you log in again, GoSoft shows Updating the accounting setup for Venezuela: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at National Integrated Customs and Tax Administration Service (SENIAT) and with your accountant.