On 24 February 2017, Resolution SNAT/2017/0003, issued by the tax authorities, was published in the Official Gazette. The resolution increases the value of the tax unit (TU) from VEF177 to VEF 300 (i.e., a 69.5% increase).
Amounts in tax laws (including brackets for taxes, stamp duties and penalties) are adjusted on a yearly basis and are generally expressed in TUs.
For income tax purposes, the new TU value will apply for tax year 2017. However, for taxpayers that elect 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.
For VAT purposes, the new TU value applies as from 1 March 2017.
For stamp duties, other taxes and penalties, the new TU value applies as from 24 February 2017.
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