Venezuela

Individual - Sample personal income tax calculation

Last reviewed - 09 February 2021

Assumptions:

  • Annual individual tax calculation for 2020.
  • Foreign resident who earns a salary and is married with two children.
  • Wife and descendants have no income.
  • Husband earns VES 45,000,000.
  • TU value is VES 1,500.
  • Remuneration:
    • Salary, allowances, profit sharing, vacation bonus, and other income totals VES 45,000,000
  • Standard deduction is TU 774 (VES 1,156,500).
Tax computation TU VES
Gross income 30,000.00 45,000,000.00
Deductions:    
Standard deduction       (774.00) (1,156,500.00)
Taxable income    29,226.00   431,461,300.00
Income tax    9,061.84    13,592,760.00
Tax credits:    
Personal tax credit (10.00) (15,000.00)
Credit for spouse (10.00) (15,000.00)
Credit for children (10.00 each) (1,000.00)
Income tax due   451,092.00
Less: Income tax withholdings (tax advances)   (125,550.00)
Income tax payable   13,407,210.00