Venezuela’s Official Gazette published Decree No. 4.976, introducing a one-year income tax exemption for cooperative associations on income earned within Venezuela on 12 August 2024.
The exemption, effective from the date of publication and potentially extendable for an additional year, applies to the current fiscal year. To benefit, cooperative associations must update their taxpayer registration number (RIF) and provide a compliance certificate from the National Cooperatives Superintendence.
They must also adhere to the Income Tax Law, including submitting an annual return.
Exemptions are forfeited if requirements are not met, and losses from exempted activities cannot be carried forward.
