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Administrative Ruling that readjusts Tax Unit to Bs. 177

Administrative Ruling SNAT/2016/011, issued by the National Integrated Service of Customs and Tax Administration (Servicio Nacional Integrado de Administración Aduanera y Tributaria – “SENIAT”), was published in Official Gazette No. 40.846 of February 11, 2016. Said Ruling readjusted the Tax Unit (U.T.) from one hundred and fifty Bolivars (Bs. 150) to one hundred and seventy-seven Bolivars (Bs. 177).

 

The Administrative Ruling established as follows:

 

1. The Tax Unit is readjusted from Bs. 150 to Bs. 177.

2. In the cases of taxes paid in annual periods, the applicable T.U. will be the one in effect  during at least 183 calendar days of the relevant period and in the cases of taxes that are paid  in periods other than annual periods, the applicable  T.U. will be the one in effect at the beginning of the period, as per Paragraph Third of Article 3 of the Organic Tax Code.

 

The Administrative Ruling became effective upon publication in the Official Gazette of the Bolivarian Republic of Venezuela.

 

In order to access the Administrative Ruling, please click here.

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”