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 150 to VEF 177 (i.e. an 18% increase). Amounts in the tax laws (including stamp duties, penalties and brackets for taxes) are generally expressed in TUs and are adjusted on a yearly basis.
The new TU value will apply for tax year 2016 for income tax purposes and for taxpayers who choose a tax period that differs from the calendar year the new value will apply only if it has been in effect for at least 183 days during the relevant tax year. In addition, the new TU value will apply as of 1st March 2016 for VAT purposes. For stamp duties, other taxes and penalties the new TU value applies from February 11, 2016. The proposal was delivered by the tax authorities on 27th January 2016.
