IT payment exemption of up to 6,000 Tax Units – Natural Persons
Decree No. 2.680 of January 17, 2017, issued by the President of the Republic, was published in Official Gazette No. 41.077 of January 18, 2017 (the “Decree”). Said Decree exempts from payment of Income Tax (“IT”) the annual net income of a territorial source obtained by the natural persons residing in the country, for up to an amount in bolivars equivalent to 6,000 Tax Units.
The amount in bolivars exceeding 6,000 Tax Units will have to be declared by the aforementioned natural persons. The Decree also establishes that the exemption will be applied to the annual net income obtained during fiscal year 2016 and that the taxpayers who by the date of entry into force of the Decree have filed the IT return for the aforesaid fiscal year (2016) will have a fiscal credit in their favor equivalent to the amount paid, for up to the amount of the exempt sum, which credit may be assigned or applied to subsequent fiscal years.
Said exemption will not be applicable to the taxpayers who file the IT return out of the periods of time established in the tax rules.
The Decree became effective on January 18, 2017.
In order to access the Decree, please click here.
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