Venezuela

Individual - Significant developments

Last reviewed - 04 August 2021

Income tax filing and payment threshold for fiscal year 2020

Decree N° 4,420 published on January 18, 2021 provides that Venezuela tax resident individuals will pay income tax on Venezuelan source income exceeding 5,000 Tax Units (TU) derived in year 2020. The benefit is applicable provided that filing obligations are complied with. In addition, the Decree provides, in general terms, that the benefit applies provided that taxpayers are in compliance with the obligations established in the Master Tax Code, Income Tax Law and other tax regulations.