Article 13 of the Code of Venezuelan tax provides that the tax obligation between the taxpayer and the public entity of the tax creditor comes after verifying the circumstances or events described in the Act to establish the tax, it is only the recognition that to occur taxable event a tax liability arises, however, this debt is only true once known amount.
Therefore, in general taxation, defined as cash benefit that required by the State under its power to rule when in fact meet the budgets established in the Act and whose purpose is to help public expenditures determining the amount caused by this concept is a fundamental stage to know what the taxpayer owes the public entity.
The determination of the amount of tax liability, ie the amount of money the taxpayer has to pay the taxable asset by way of taxes, has two essential elements: the tax base and tax rate, therefore, unless it is a fixed amount of taxes, in general we can assert that it is through these two elements we must quantify the resources with which to contribute to public expenditure.
ISLR law defined in Article 4, do we mean by enrichment. To this end states that are net enrichments: capital gains resulting from subtraction of income, costs and deductions allowed by law, subject to inflation adjustments to income source should be territorial.
Given the express legislative reference to taxable income as capital gains, it is worth remembering that the expression of profits can be established via two approaches: the static, which is the difference of assets and the dynamic is which expresses the profit and losses.
When we rely on the first approach, it must be understood as the outcome that is caused by difference between initial and final heritage, made the exclusion of increases and decreases occurred in this heritage, while the second, based on a statement that recognizes revenue from sales of goods, services and other transactions, as well as purchases, costs and expenses incurred in a given period.
However, differences in the procedure and the second of the appointees could be initially more familiar to us to get the result a specified period, the application of either approach yields the same result.
The law, rules, restrictions and conditions for each item that make the equation determinative of the increase in asset values \u200b\u200breflect the books of taxpayers, which differ because, as it collects Article 91 of the LISLR, these books are kept in accordance with accounting principles generally accepted in Venezuela.
Therefore, given the differences between the tax and accounting principles to be applied for recognition income, costs and expenses to determine the usefulness, the taxpayer must make a reconciliation of the two incomes.
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