Venezuela Increases Tax Unit Value to VES 20,000

According to recent reports, Venezuela has increased the tax unit (unidad tributaria - TU) value from VES 1,500 to VES 20,000. The increase was provided by Administrative Ruling SNAT/2020/00006, which was published in the Official Gazette on 6 April 2021 and is generally in force from that date. The amount is used exclusively in the application of national taxes.

For corporate income tax, the increase results in the following brackets:

• up to VES 40,000,000 (2,000 TU) - 15%
• over VES 40,000,0…