Resolution SNAT/2016/011 was published in Venezuela's Official Gazette on 11 February 2016, increasing the tax unit (unidad tributaria - TU) value from VEF 150 to VEF 177 for 2016. The tax unit is used as a reference value for a number of tax purposes, including determining applicable progressive income tax rates, deductions, penalties and other purposes.

The increase results in the following…