Venezuela

Individual - Sample personal income tax calculation

Last reviewed - 30 June 2022

Assumptions:

  • Annual individual tax calculation for 2022.
  • Foreign resident who earns a salary and is married with two children.
  • Wife and descendants have no income.
  • Husband earns Bs 75,000 in the year.
  • TU value is Bs 0.40 (considering the new currency expression).
  • Remuneration:
    • Salary, allowances, profit sharing, vacation bonus, and other income totals Bs 75,000
  • Standard deduction is TU 774 (Bs 309.60 ).
Tax computation TU Bs
Gross income 187,500.00 75,000.00
Deductions:    
Standard deduction       (774.00) (309.60)
Taxable income    186,226.00   74,690.40
Income tax    62,611.84    25,044.74
Tax credits:    
Personal tax credit (10.00) (4.00)
Credit for spouse (10.00) (4.00)
Credit for children (10.00 each) (8.00)
Income tax due   25,028.74
Less: Income tax withholdings (tax advances)   (1,200.00)
Income tax payable   23,828.74