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 S.A (PDVSA), its affiliates and mixed companies deriving from hydrocarbon production activities. The exemption applies for a period of one year. The exoneration entered into force on August 2, 2018 and will only apply to the fiscal year coincident with calendar year 2018. Income derived from other activities (e.g., financial income) will remain subject to income tax liability according to the standard regime.
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