Venezuela: Decree to extend exemptions from financial transaction taxes

March 01, 2024

On 21 February 2024, Venezuela issued Decree No. 4.924 in the Official Gazette, announcing the further extension of exemptions from financial transactions initially implemented in 2022. This Decree clarifies exemptions for the transactions as

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Venezuela approves extension of temporary VAT exemptions on hydrocarbon fuels

January 15, 2024

On 12 January 2024, Venezuela published Decree No. 4.911 in Official Gazette No. 42.797. This decree extends the temporary exemption on VAT, customs duty, and related taxes for the import and sale of hydrocarbon fuels and additives that improves

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Venezuela sets up four new special economic zones with tax benefits

September 04, 2023

On 10 August 2023, Venezuela published Decree Nos. 4,838; 4,839; 4,840; and 4,841 in the Official Gazette. The Decrees established four new special economic zones (SEZs) with tax incentives aimed at boosting production, especially for exports. The

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Venezuela increases tax unit value for 2023

May 25, 2023

On 8 May 2023, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2023/000031 in the Official Gazette, which increases the value of tax units from VES 0.40 to VES 9.00 for the

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Venezuela: Tax Administration increases the tax unit value

May 05, 2022

On 20 April 2022, the National Integrated Service of Customs and Tax Administration (SENIAT) of Venezuela published Administrative Ruling SNAT/2022/000023 in the Official Gazette, which increases the value of tax units from VES 0.02 to VES 0.40.

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Venezuela: Government introduces income tax relief in response to COVID-19 pandemic

September 17, 2020

On 31 August 2020, Government Officially published Resolution SNAT/2020/00057, which introduces exemption from weekly VAT return or VAT payment obligations, weekly VAT withholding returns for large taxpayers in response to COVID-19 pandemic.

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Venezuela: Tax measures in response to COVID-19 pandemic

April 06, 2020

On 2 April 2020, the Government officially published Decree 4171, which enters into force on the similar day of its publication. The Decree contains: An income tax exemption for the domestic-source income derived by certain resident individuals

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Venezuela: Government publishes a Resolution regarding the increase in tax value unit

March 23, 2020

On 13 March 2020, the government was published the Resolution SNAT/2020/00006 regarding the increase in tax value unit (TU) in the Official Gazette. In this Resolution, Venezuela has increased the tax unit from VES 50 to VES 1,500. The tax unit

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Venezuela: Government publishes decrees regarding tax reform

February 10, 2020

On 29 January 2020, three decrees were published in the Official Gazette for introducing a new tax code, amending the VAT Law and customs Law. It was approved by the Constituent Assembly on the similar day. Withholding taxes due One of three

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Venezuela extends deadline to file income tax return

March 31, 2019

On 26 March 2019, Venezuela’s Tax Administration declared the extension date to file income tax return for the fiscal year 2018 because of national power outages. The new date for filling annual income tax return is 30 April

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Venezuela grants income tax exemption for hydrocarbon production activities

August 08, 2018

Venezuela has published Decree No. 3.569 of 1 August 2018 on August 2, 2018 in the Official Gazette. This Decree, removed income tax liability and give an exemption from the territorial and extraterritorial income obtained by Petróleos de Venezuela

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Venezuela: New reduced VAT rate for electronic purchases

September 25, 2017

The National Integrated Service of Customs and Tax Administration (SENIAT) declared that as of September 27, 2017, the standard value added tax (VAT) rate in case of electronic purchases will be reduced by 3% or 5%. In the General Assembly of

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

March 05, 2017

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

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DTA between Venezuela and Saudi Arabia entered into force

December 16, 2016

An Income Tax Treaty (2015) between Saudi Arabia and Venezuela has been entered into force on 1st December 2016 for the purpose of avoiding double taxation. It generally applies from 1st January 2017. It had been ratified by the National Assembly of

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Venezuela: Primary sector income tax exemption published

March 31, 2016

Decree 2,287 that establishes an income tax exemption for income derived from agriculture, forestry, livestock, poultry, fisheries, aquaculture and fish farming activities was published in the Official Gazette and entered into force on 28th March

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Venezuela: Tax plan to fight tax evasion, avoidance and fraud announced

February 18, 2016

The President has announced six general economic measures including a tax plan naming "Tax Revolution" in order to fight tax evasion, tax avoidance and tax fraud on February 17, 2016. One of the declared tax measures is the outline of an electronic

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Venezuela: Increase in value of tax unit gazetted

February 15, 2016

Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF

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Venezuela: Tax law changes that will be effective from 2016

January 09, 2016

The tax reform measures in Venezuela have been published in official gazette on 30th December 2015. Changes to the income tax law are effective from the beginning of January 2016. They include the following measures: The tax inflation

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