Venezuela: Resolution SNAT/2017/0003 about value of tax unit gazetted

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The Resolution SNAT/2017/0003 was published on 24th February 2017 in the Official Gazette that implements a 69.5% increase in the value of a tax unit (TU). Some amounts relating to stamp duties, penalties and other aspects of tax are adjusted on a yearly basis and are generally expressed in TUs. For income tax purposes, the new TU value will apply for tax year 2017. For taxpayers who select a tax period vary from the calendar year. The new value will be applicable only if it has been in effect for at least 183 days during the relevant tax year. The new TU value applies from 1st March 2017 for VAT purposes. On the other hand, the new TU value applies from 24th February 2017 in case of stamp duties, other taxes and penalties.

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