The Tax Unit will increase from March 7, 2019, going from seventeen Bolivars Bs.17 to fifty Bolivars Bs. 50.
In the Official Gazette of the Bolivarian Republic of Venezuela No. 41,597 of March 7, 2019, the SENIAT (Venezuelan Tax Administration Service) Administrative Ruling No. SNAT / 2019/00046 (the “Ruling”) was published, by means of which the tax unit (“TU”) is readjusted as follows:
- The value of the TU was increased from seventeen Bolivars (Bs 17.00) to fifty Bolivars (Bs 50.00).
- The value of the TU can only be used as a unit of measurement for the determination of the National Taxes, which collection and control are the competence of the SENIAT, as well as of the sanctions imposed.
- The agencies and entities of the public branch, other than SENIAT, may not use the value of the TU set in the Providence for the determination of labor benefits or rates and special contributions derived from the services they provide.8
The Ruling entered into force on March 7, 2019.
This report presents a general description of relevant aspects of Ruling No. SNAT / 2019/00046 and does not constitute a legal opinion aimed at addressing a specific situation. In case of doubts or comments or for more information, contact InterJuris Abogados (www.interjuris.com) +58 (212) 750 1200.