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Seniat Achieved Surplus in First Quarter Revenue

Tax Revenues Represent 66% of Venezuela’s Budget

Venezuela’s tax agency SENIAT announced that it had exceeded revenue collection goals for the first quarter of 2010, reaching a $1.4 billion surplus. The agency raised $5.09 billion dollars in taxes in the first quarter, a 138 percent improvement over the expected $3.67 billion.

The announcement was made by the SENIAT’s Superintendent, José Cabello, who noted that the tax collection in 2010 has grown 32 percent compared to 2009.

“The agency not only fulfilled the expected goals, but there was a surplus in the estimated revenues. This is not causal, it is part of a good disclosure policy and tax culture,” said Cabello. The superintendent emphasized that these figures, like the growth achieved in 2009 of 42 percent, “show that Venezuelans pay their taxes.”

Currently, tax revenues represent 66 percent of the national budget, while the payment of taxes in  1998 represented only 35 percent.

“It has increased 100 percent in comparison to the taxes collected 10 years ago. In the past, these revenues came only from the sales of oil,” he added.

The taxes collected by the agency are invested in social programs in order to improve areas such as security and defense, housing and public works, planning and development, local governance, science and technology, education, culture, sport, and food, among other sectors.

“This system allows the functioning of the state structure and, in this way,  oil revenues can  be directed to the development of other major works such as the Simon Bolivar Railway , the metro Los Teques, the bridge over the Orinoco River, among others,” stressed Cabello .

The SENIAT received the submission of four million people who paid their taxes electronically in the first quarter of the year. The agency, in order to achieve its goals, deployed 10,500 staffers in more than 165 points to orient people who needed assistance with the payment of their taxes .

Bolivarian News Agency, Press and Communications Office of the Embassy of the Bolivarian Republic of Venezuela in the U.S. / April 26, 2010.

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