Venezuela Increases Tax Unit Value from VES 0.40 to VES 9.00

Venezuela's tax administration (SENIAT) has announced an increase of the tax unit (Unidad Tributaria - TU) value from VES (Bs.) 0.40 to VES (Bs.) 9.00. The increase is provided by Administrative Ruling No. SNAT/2023/000031, which was published in the Official Gazette on 8 May 2023 and is in force from that date.

The tax unit value is used for various tax purposes, including the corporate income tax brackets and individual income tax brackets. Considering the latest change, the corporate in…