TAX UNIT INCREASE

National Integrated Customs and Tax Service (SENIAT) Administrative Directive No. SNAT/2020/00006 dated January 21, 2020, whereby the Tax Unit has been increased from FIFTY BOLIVARS (Bs. 50.00) to ONE THOUSAND FIVE HUNDRED BOLIVARS (Bs. 1,500.00) – a 3,000% increase—has been published in Official Gazette No. 41,839 dated March 13, 2020. Although dated January 2020, the Directive provides that it is to become effective when published in the Official Gazette. 

It is also important to mention that Article 2 of the Directive was included among the provisions governing the use of the Tax Unit  in the Tax Code published in Official Gazette Special issue No. 6,507 dated January 29, 2020; moreover, Article 3 contradicts the provisions of Article 3, Paragraph Three of the Tax Code. In view of this, there is a possibility that the Directive may be amended to correct these errors and republished.

Please do not hesitate to contact us if you have any questions concerning this issue.

Yours truly,

Benson, PérezMatos, Antakly & Watts

Ysabel Figueira

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