Update - Venezuela Publishes Administrative Provision for Increase in Tax Unit Value

Venezuela published Administrative Provision No. SNAT/2017/0003 in the Official Gazette on 24 February 2017, which increases the tax unit (unidad tributaria) value from VEF 177 to 300. As {News-2017-02-22/A/4- previously reported}, the tax unit is used as a basis for various tax purposes, including the corporate income tax brackets. The change in value applies for the 2017 tax year if following the calendar year. If following an alternate year, the increased value applies if it has been in e…