Exemption from IT payment of up to 3.000 U.T. – Natural Persons
Decree No. 2.266 of March 8, 2016, issued by the President of the Republic, was published in Official Gazette No. 40.864 of March 8, 2016. Said Decree exempts 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 Decree established the following:
1. Exemption from IT payment for the annual net income of territorial source obtained by natural persons residing in the country, for up to an amount in Bolivars equivalent to 3,000 T.U.
2. The natural persons residing in the country are bound to file a return and pay the IT with respect to the portion of the annual net income of territorial source exceeding the amount in Bolivars equivalent to 3,000 T.U.
3. The exemption will be applied to the annual net income obtained during fiscal year 2015 and that obtained during fiscal year 2016.
4. The exemption will not be applied to the taxpayers who file the final income return out of the periods of time established in the tax rules.
The Decree became effective 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.”