Resident individuals are subject to tax on their worldwide income.
Foreign resident individuals with a fixed base in Venezuela must pay taxes on their income of national or foreign source attributable to said base.
Non-resident individuals pay taxes on their income whenever the cause or origin of such income lies within Venezuela.
Personal income tax rates
Resident individuals are subject to tax using graduated rates. The annual income tax, before credits, is calculated using the following tax rate table (i.e. Tariff No. 1).
|Range of taxable income in tax units (TU)||Tax rate (%)||Deduction (TU)|
Income for non-resident individuals arising from non-business professional activities is subject to tax at 34% on 90% of the gross payments. Salary and other income received by non-residents for services performed in Venezuela are subject to a flat 34% tax, withheld at source.
Tax units (TU)
The 1994 Income Tax Law reform established the concept of a taxable unit as an element that reduces the negative effects created by inflation on the determination of the tax rates. The tax code established the initial TU at 1 bolívar fuerte (VEF), formerly with annual basis adjustments according to the variation on the consumer price index (CPI) from the previous year. This parameter for adjustment has been abrogated in the 2021 Master Tax Code. For 2021, the TU value, under the new currency expression enacted in October 2021, is 0.02 bolívar soberano (VES). For 2022, the TU published value is VES 0.40.
Local income taxes
There are no local taxes on personal income in Venezuela.