CARACAS: Venezuela’s tax authority collected almost double the amount of revenue targeted during the first quarter of 2015, due to a stronger economy and efforts to strengthen the tax culture.
Revenue totaled VEF200.9bn (USD31.64bn) during the period, against a target of VEF113.5bn.
Revenue from income tax (ISLR) totaled VEF64.4bn during the first three months of the year, above the target of VEF39bn. Meanwhile, non-oil revenues accounted for 68.8 percent of total revenues.
In November 2014, Venezuelan President Nicolas Maduro approved a number of tax increases, including a hike to the excise duty on purchases of luxury goods from 10 percent to 15 percent.
