Venezuela.

This article discusses the main features of the Venezuelan tax system. The Venezuelan government is evaluating the introduction of a series of economic measures that may include a comprehensive tax reform. The tax reform may mean changes in the income tax, the value added tax and the Master Tax Code, as well as the approval of other new tax laws, such as an equity tax to be applied to resident and non-resident individual and a selective consumption tax. Income tax must be calculated and paid annually. The annual tax return must be filed and paid during the three-month period after the end of the fiscal year. However, the tax authorities may determine another date to file the tax return.