According to recent reports, Venezuelan President Nicolás Maduro announced on 19 February 2017 that the tax unit (unidad tributaria - TU) value will be increased from VEF 177 to VEF 300 effective 1 March 2017. 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.

The increase wil…