VENEECONOMIST
Analysis Type C — Sectoral · OCTOBER 6, 2026

SENIAT: Venezuela collects 37.6% more in dollars and 25.8% more in real terms

SENIAT reported $1.198 billion in September 2026, converted at the central bank's official rate, which rose less than inflation. Deflated by the consumer price index, the increase is 25.8%. March was the year's peak, April and July were not published, and it is not on record whether the totals include oil taxes that OFAC sends to the Treasury fund.

Published October 6, 2026
◆ Public finance · Tax collection Data close: October 4, 2026

On October 2, the head of SENIAT, Venezuela's tax and customs authority, announced on his X account that September collection had risen 37.6% from the same month of 2025. The figure is correct, and it is measured in dollars. A month earlier, presenting August, the agency itself had called changes that were also in dollars "real year-on-year terms." The two are not the same, and the gap between them shows how much of the rise is collection and how much is exchange rate.

How much did SENIAT collect in September, and where did it come from?

It was 1,003,772 million bolívares, which the agency converts into $1.198 billion. Two-thirds, about $810 million, came from domestic taxes, VAT and income tax among them; about $366 million from customs; and about $22 million from the large financial transactions tax. Against August the total is up 13%, and against September 2025, 37.6%. Both changes are in dollars: in bolívares, the year-on-year rise exceeds 600%.

At what exchange rate are those dollars?

The official one. Dividing the bolívares by the dollars SENIAT publishes gives a rate of 837.87 bolívares per dollar in September, between the central bank's two monthly averages — by trade date and by value date. The same holds in August and in the two 2025 months the agency uses as a base, and all three lines are converted at the same rate. The central bank in fact publishes that rate to calculate "the obligations provided for in the Organic Customs Law and the Organic Tax Code."

So collection grew 37.6%?

In dollars, yes. Net of inflation, less. The bolívares collected in September are 7.1 times those of September 2025, and prices rose 5.7 times over the same span, according to the central bank's index: real growth is 25.8%.

The difference comes from the official dollar rising less than prices, 5.1 times against 5.7. In real terms it got cheaper, and anything measured in official dollars looks bigger than it is. In May and June the effect was more visible than in September: collection rose 12% and 9% in dollars while falling in real terms, by about 1% and 2%.

Was September the best month of the year?

No. March, the month when income tax payments are concentrated, came to about 724,000 million bolívares, of which about 431,000 million were from that tax. At March's average official rate that is about $1.611 billion, more than September.

2026 collection, month by month
MonthBolívares (millions)Dollars (millions)Note
January256,989≈752Own conversion
February456,567≈1,154Own conversion
March723,566≈1,611Income tax payments
April——Not published
May486,164≈937Own conversion
June509,551≈860Last one located splitting VAT and income tax
July——Not located; month of the handover
August818,6891,059SENIAT figure
September1,003,7721,198SENIAT figure

SENIAT press releases carried by MIPPCI, Descifrado, La Iguana and Bitácora Económica · own conversion at the central bank's monthly average rate, except August and September

The series has gaps. SENIAT did not publish April — a PwC review leaves it out "due to the absence of official information" — and the July report, the month of the handover at the top of the agency, does not appear in any of the sources reviewed. With the seven months that are known, and with our conversion at the average official rate where SENIAT gives no dollar figure, 2026 is running 23.9% above the same months of 2025.

What changed with the new superintendent?

Román Maniglia was appointed on July 7, according to the decree cited in the Official Gazette, with the task of digitizing tax collection. With him the way of counting changed too. Until June, SENIAT published its report in bolívares and separated VAT, income tax, customs and other revenue. Since August it publishes in bolívares and in dollars, by broad lines — domestic taxes and customs, and in September also the transactions tax — with year-on-year changes in dollars.

The new format reads better in dollars and worse by tax. It is no longer possible to tell how much of the rise comes from VAT, which follows consumption, and how much from income tax, which follows profits.

Why is customs rising so much?

Customs brought in about $366 million in September, 46% more than a year earlier in dollar terms, and is now close to a third of collection. The rise coincides with a jump in purchases abroad: according to the U.S. Census Bureau, U.S. exports to Venezuela reached about $3.46 billion between January and July, more than in all of 2025, and in July they were almost three times the same month a year earlier. That is only part of what Venezuela imports, but it points in the same direction as customs.

Does that money include oil taxes?

It is not on record. The OFAC licenses that allow dealing with PDVSA require every payment to a blocked person — the government or PDVSA — to be deposited in the U.S. Treasury funds created by Executive Order 14,373, except local taxes, permits and fees. OFAC's FAQ 1237 spells it out: royalties, per-barrel levies and federal taxes go to the fund.

If a licensed operator pays its income tax that way, the money does not pass through SENIAT the way a supermarket chain's does. The agency's releases do not say whether their totals include any oil tax.

Is that a lot or a little?

For scale: 2025 closed at about $10.1 billion, according to PwC's conversion, below the roughly $12.1 billion the government had announced for 2024. The seven known months of 2026 add up to about $7.57 billion. September alone is worth about 12% of everything collected in 2025.

What should be watched now?

The October report, in early November, will show whether September's pace holds. The price index for the same month will show whether the official dollar keeps rising less than prices, which is what inflates the dollar measure. And if SENIAT does publish April and July, the year's series will stop being compared with gaps.

Sources ▾
  • SENIAT (superintendent) — announcement on X of September collection, Oct 2, 2026. — x.com
  • SENIAT — September 2026 report by line, Oct 2, 2026, via Descifrado. — descifrado.com
  • SENIAT — comparison bases for August 2026 and September 2025, via Bitácora Económica. — bitacoraeconomica.com
  • SENIAT — August 2026 report, Sep 3, 2026, via Descifrado. — descifrado.com
  • SENIAT — 2025 monthly series, via Finanzas Digital. — finanzasdigital.com
  • SENIAT — March and first-quarter 2026 collection, via MIPPCI. — mippci.gob.ve
  • SENIAT — March 2026 breakdown, via Bitácora Económica. — bitacoraeconomica.com
  • SENIAT — June 2026 report by tax, via La Iguana. — laiguana.tv
  • PwC Venezuela — collection in dollars 2022-2026, Jul 22, 2026, via Confirmado. — confirmado.com.ve
  • Central Bank of Venezuela — reference exchange rate, 2026. — bcv.org.ve
  • Central Bank of Venezuela — national consumer price index. — bcv.org.ve
  • Fogade — 2024 collection announced in the annual address, Jan 16, 2025. — fogade.gob.ve
  • Official Gazette 43,413 — rulings by the superintendent appointed on Jul 7, 2026, Jul 10, 2026. — gacetaoficial.gob.ve
  • OFAC — FAQ 1237, Feb 18, 2026. — ofac.treasury.gov
  • OFAC — General License 46E, Sep 28, 2026. — ofac.treasury.gov
  • U.S. Census Bureau — trade in goods with Venezuela, 2025-2026. — census.gov
Classification
Analysis Type C — Sectoral
Finanzas públicas · Recaudación tributaria
October 6, 2026
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VENE · ECONOMIST Intelligence Unit · Informational analysis. Does not constitute investment, legal or tax advice. Vene Economist is not a credit rating agency; the "VE Verdict" is a proprietary editorial indicator, not a credit rating. Always verify against the primary source before making decisions.

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