Venezuela had published Decree No. 3.569 of 1 August 2018 in the Official Gazette. The Decree provides an income tax exemption on income from hydrocarbon productions activities for the Venezuelan state-owned oil and gas company Petróleos de Venezuela S.A. and its affiliated companies, and for joint ventures, whether resident or not in Venezuela. For this purpose, records of the relevant costs and expenses for exempt and non-exempt must be kept separately, and where there are common costs and expenses, they must be apportioned accordingly.
The exemption applies for a period of one year, from 1 January 2018 to 31 December 2018.
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