Administrative Ruling N° SNAT/2016/0001 was published in
Official Gazette of the Bolivarian Republic of Venezuela N°
40,846 dated February 11, 2016, through which the National Tax
Authorities (SENIAT) adjusted the value of the tax unit (TU) from
150 Bs. (bolivars) to 177 Bs. The increase was not approved by the
Finance Commission of the National Assembly.
Among the most relevant tax implications of the increase in the
TU's value is the change in the minimum amount required for
individuals to qualify as payers of income tax, as well as the
minimum amount of wages, salaries and other contributions subject
to the withholding of such tax.
The TU increase will have an impact on the determination of
special taxpayers, who must act as Income Tax and Value Added Tax
withholding agents, and are subject to the Tax on Large Financial
Transactions. In this respect, the SENIAT could appoint as special
taxpayers companies that declared a gross income higher than
5,310,000 Bs.
