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 fiscal year 2023. The tax unit will serve solely as a measurement unit for calculating national tax payments. The Administrative Ruling entered into force on the same date of its publication.
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