Venezuela: Decree to extend exemptions from financial transaction taxes
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
See MoreVenezuela approves extension of temporary VAT exemptions on hydrocarbon fuels
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
See MoreVenezuela sets up four new special economic zones with tax benefits
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
See MoreVenezuela increases tax unit value for 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
See MoreVenezuela: Tax Administration increases the tax unit value
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.
See MoreVenezuela: Government introduces income tax relief in response to COVID-19 pandemic
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.
See MoreVenezuela: Tax measures in response to COVID-19 pandemic
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
See MoreVenezuela: Government publishes a Resolution regarding the increase in tax value unit
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
See MoreVenezuela: Government publishes decrees regarding tax reform
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
See MoreVenezuela extends deadline to file income tax return
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
See MoreVenezuela grants income tax exemption for hydrocarbon production activities
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
See MoreVenezuela: New reduced VAT rate for electronic purchases
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
See MoreVenezuela: Resolution SNAT/2017/0003 about value of tax unit gazetted
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
See MoreDTA between Venezuela and Saudi Arabia entered into force
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
See MoreVenezuela: Primary sector income tax exemption published
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
See MoreVenezuela: Tax plan to fight tax evasion, avoidance and fraud announced
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
See MoreVenezuela: Increase in value of tax unit gazetted
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
See MoreVenezuela: Tax law changes that will be effective from 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
See More