Travieso Evans Arria Rengel & Paz

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Correction of Error in Decree of Exemption No. 2.266 of 03/08/2016

An Official Notice that corrects an error in Decree No. 2.266 of March 8, 2016, issued by the President of the Republic, was published in Official Gazette No. 40.865  of March 9, 2016. Said Decree exempted from payment of Income Tax (IT) the annual net income of territorial source obtained by the natural persons residing in the country for up to an amount in bolivars equivalent to three thousand Tax Units (3,000 T.U.).

 

The Official Notice established as follows:

 

1. The incorporation of a new article that establishes that the taxpayers included in the case of the exemption prescribed in article 1 of Decree No. 2.266 who filed a return and paid  the IT corresponding to fiscal year 2015 before the entry into force of Decree No. 2.266, will have a fiscal credit in their favor, equivalent to the amount paid and up to the exempted amount. Said fiscal credit may be assigned or applied to subsequent fiscal years.

 

2. The number, date, and other data of Decree No. 2.266 remain the same.

 

The Decree entered into force on March 8, 2016.

 

In order to access the Decree, 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.”