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 |
