Venezuela

Individual - Sample personal income tax calculation

Last reviewed - 04 August 2021

Assumptions:

  • Annual individual tax calculation for 2021.
  • Foreign resident who earns a salary and is married with two children.
  • Wife and descendants have no income.
  • Husband earns VES 600,000,000.
  • TU value is VES 20,000.
  • Remuneration:
    • Salary, allowances, profit sharing, vacation bonus, and other income totals VES 600,000,000
  • Standard deduction is TU 774 (VES 1,156,500).
Tax computation TU VES
Gross income 30,000.00 600,000,000.00
Deductions:    
Standard deduction       (774.00) (15,480,000.00)
Taxable income    29,226.00   584,520,000.00
Income tax    9,061.84    181,236,800.00
Tax credits:    
Personal tax credit (10.00) (200,000.00)
Credit for spouse (10.00) (200,000.00)
Credit for children (10.00 each) (400,000.00)
Income tax due   180,436,800.00
Less: Income tax withholdings (tax advances)   (20,500,000.00)
Income tax payable   159,936,800.00