IT payment exemption of up to 6,000 Tax Units – Natural Persons
An Official Notice dated January 23, 2017 was published in Official Gazette No. 41.085 of January 30, 2017. Said Official Notice corrected due to an error Decree No. 2.680 of January 17, 2017 (the “Decree”), published in Official Gazette No. 41.077 of January 18, 2017, issued by the President of the Republic, which Decree exempted 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 aforesaid Official Notice corrected an error in article 2 of the Decree and included in article 6 the repeal of Decree No. 2.266 of March 8, 2016, published in Official Gazette No. 40.864 of March 8, 2016, and printed again, due to an error, in Official Gazette No. 40.865 of March 9, 2016.
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“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.”