Venezuela

Individual - Sample personal income tax calculation

Last reviewed - 29 June 2024

Assumptions:

  • Annual individual tax calculation for 2023.
  • Foreign resident who earns a salary and is married with two children.
  • Wife and descendants have no income.
  • Husband earns VES 180,000 in the year.
  • TU value is VES 9 (considering the new currency expression).
  • Remuneration:
    • Salary, allowances, profit sharing, vacation bonus, and other income totals VES 180,000
  • Standard deduction is TU 774 (VES 6,966.00).
Tax computation TU VES
Gross income 20,000.00 180,000.00
Deductions:    
Standard deduction       (774.00) (6,966.00)
Taxable income    19,226.00   173,034.00
Income tax    5,661.84    50,956.56
Tax credits:    
Personal tax credit (10.00) (90.00)
Credit for spouse (10.00) (90.00)
Credit for children (10.00 each) (180.00)
Income tax due   50,596.56
Less: Income tax withholdings (tax advances)   (2,300.00)
Income tax payable   48,296.56