The National Integrated Service of Customs and Tax Administration ("Revenue Service"), through Administrative Guidelines No. SNAT/2016/011 ("Guidelines 011") (Official Gazette No. 40,846 of February 11, 2016) h readjusted the value of the Tax Unit ("TU") from BsF. 150.00 to BsF. 177.00, even when the National Assembly, to whom the Revenue Service must consult for opinion, did not agree with the adjustment. Guidelines 011 entered into force the day of its publication on Official Gazette.
According to Article 131(15) of the Organic Tax Code, the Revenue Service must readjust the TU's value in accordance with the previous year's variation of the National Consumer's Price Index ("Index") that the Venezuelan Central Bank publishes. As per the Index published until September 2015 (http://www.bcv.org.ve/excel/4_5_7.xls?id=410) the inflation rate reached 108.7%. The Revenue Service only recognized a TU's increase of 18%, as a result, there is a 90.7% gap in comparison with the inflation published by Venezuelan Central Bank, which was not recognized in the current value of the TU. This also occurred in 2015.
Guidelines 011 establish that in cases of taxes with annual periods, the applicable TU will be the one in force for at least 183 consecutive days of the respective period, and for taxes that do not have annual periods, the applicable TU will be the one in force at the beginning of the applicable period [Organic Tax Code, Article 3, (third paragraph)]. As a consequence, the applicable TU for fiscal year 2015 will BsF. 150.00 and for fiscal year 2016 will be BsF 177.00.
The adjustment of the TU increases the value of the concepts calculated according to such value, including the tax base of taxes and sanctions. Among others, the following concepts will increase:
|CONCEPT||TU 2015||TU 2016|
|Amount of minimum income for individuals to file an income tax return||BsF. 150,000.00||BsF. 177,000.00|
|Single income tax deduction for individuals1||BsF. 116,100.00||BsF. 136,998.00|
|Personal and family rebates||BsF. 1,500.00 (for each applicable rebate)||BsF. 1,770.00 (for each applicable rebate)|
|Minimum payment to individuals, different from wages and salaries, subject to back-up income tax withholding||BsF. 12,499.95||BsF. 14,794.941|
|Adjustment (“sustraendo”) applicable to the minimum amount of payments to individuals, other than salaries and wages, subject to income tax withholding||
Revenue stamps to be placed on each page of documents to be submitted to the authorities
|BsF. 3.00||BsF. 3.54|
Value of the airport tax of the Simon Bolivar International Airport
|BsF. 570.00||BsF. 672.60|