Venezuela's tax administration (SENIAT) has announced an increase of the tax unit (unidad tributaria - TU) value from VES 17 to VES 50. The increase was published in the Official Gazette on 7 March 2019 and is generally in force from that date. 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 others. For corporate income tax, the increase results in the following brackets:
- up to …