By means of Supreme Decree N°4298, the New Regime of Entrepreneurs called SEVEN -RG was established.
Such regime is in force since September 1, 2020 and has been regulated by the Internal Revenue Service (hereinafter, SII) through the Board of Directors’ Regulatory Resolution N°102000000021, which among other measures has created the Form N°773 SIETE RG, for the sworn statement.
Although S.D. N° 4298 has been repealed by the enactment of S.D. N° 4416, said regime is in force until December 31, 2020.
The purpose of this article is to inform about the main aspects of this regime and of the Form N°773 SIETE RG.
What does the SEVEN RG consist of?
It is the Special Integrated System of Transition for Entrepreneurs to the General System, through which the payment of certain taxes is consolidated in a single tax.
Among the taxes that are consolidated are the Value Added Tax (VAT), the Tax on Transactions (IT) and the Tax on Profits.
What are the conditions to join the regime?
According to Article 12, of RND N°102000000021, taxpayers of the SIETE RG must comply with the following requirements:
- Be a sole proprietorship registered in the Commercial Registry or an independent professional.
- Be in productive manufacturing or service activities, provided that their projected annual income is equal to or less than Bs250,000.
- To have a maximum of only two economic units.
- That uses electronic payment instruments to carry out the sale of goods or provision of services.
What are the main aspects of this regime?
Among the main characteristics of the SIETE RG are the following:
- Taxpayers registered under the regime are obliged to issue invoices, however, these will not generate tax debit or credit and 5% of the net sales price will be used as payment on account of VAT on Form 200.
- The taxpayer to the regime must register the invoices of purchases and sales through the application “my invoices”
How do I pay the tax?
The taxpayers of the regime will declare and pay in a bimonthly consolidated way through the mono-tax, the taxes indicated in previous paragraphs, through the Form 773-SIETE RG in Virtual Office.
What are the deadlines to file Form 773-SIETE RG?
As indicated, the return must be filed through the Virtual Office, according to the following deadlines:
|January and February||
March and April
|May and June||
July and August
|November and December||
20th of January
However, since this regime will only be in force until December 31, 2020, the last presentation of this will be in January 2021.