VALUE OF UNIT FOR ARITHMETICAL CALCULATION OF MAXIMUM AND MINIMUM THRESHOLD (UCAU)
Joint Resolution No. 008/2020 and No. 014/2020, issued by the Ministry of the Popular Power for Planning and the Ministry of the Popular Power for Economy and Finance, respectively, was published in Official Gazette No. 41.895 of June 5, 2020 (the “Resolution”). The Resolution fixed at Bs.S. 30,000.00 the Unit for Arithmetical Calculation of the Maximum and Minimum Threshold (Unidad para el Cálculo Aritmético del Umbral Máximo y Mínimo – “UCAU”).
The Resolution establishes that the UCAU substitutes for the Tax Unit (“T.U.”) for purposes of making arithmetic operations related to public contracting matters and when said T.U. is used as arithmetical calculation factor for the determination of amounts in Bolivars, according to the Constitutional Law against Economic War for Rationality and Uniformity in the Acquisition of Goods, Services, and Public Works.
Finally, the Resolution provides that the value of the UCAU may be periodically updated through a Joint Resolution issued by the aforesaid Ministries, on the basis of objective criteria and when necessary to guarantee to the population the rational use of public resources, optimal levels of financial performance for the protection of the population’s fundamental rights, and the fight against distortions of national economy generated by national and foreign agents for personal purposes.
The Resolution became effective upon publication in the Official Gazette.
In order to access the Resolution, please click here.
Should you have any question or comment or require further information, please contact the partner in charge of your account via email.