Taxation Of Individuals

Resident individuals are liable for income tax (impuesto sobre la renta) at progressive rates on their net Venezuelan income. Nonresident individuals are taxed by withholdings at fixed rates on Venezuelan income, including remuneration from employment and income from services rendered in Venezuela.

Individuals are classified as resident for income tax purposes if they remain in the country for more than 180 days in aggregate in the tax year. Those present for 180 days or fewer in aggregate are nonresident. Individuals present for more than 180 days in the previous tax year are resident in the current tax year no matter what the length of their stay in the current tax year. Foreigners classified as resident are taxed on the same basis as resident Venezuelan citizens.