In more detail
The TU is a reference value established by the OTC in 1994 (OTC/1994)2 to adjust tax bases, fees, fines and similar tax concepts in line with the annual inflation. However, under the provisions of the OTC/2020, the TU ceased to serve as a reference for determining fines imposed from its entry into force.
On 2 June 2025, SENIAT adjusted the TU value from VES 9 to VES 43 through Administrative Ruling No. SNAT/2025/000048 ("Administrative Ruling"), published in Official Gazette No. 44,140.3
The TU adjustment will apply solely to calculation of national taxes administered and collected by SENIAT, including IT, VAT, HNWT, tax on large financial transactions (FTT), inheritance tax and gift tax, where applicable. Other public entities are not authorized to use the adjusted TU for determining labor benefits or administrative fees and special contributions. Additionally, fines determined by SENIAT prior to the entry into force of the OTC/2020, based on the TU value at the moment the infraction took place, must be paid according to the current TU value (i.e., TU value at the time of payment), as established by the OTC from 2014 (OTC/2014)4.
Pursuant to OTC/2020 and the Administrative Ruling, the new TU value will serve as reference for IT and HNWT for fiscal years ending after 2 June 2025, as well as for VAT fiscal years beginning after that date. Other relevant implications of the TU adjustment include the following:
| Item |
Former TU value
= VES 9 |
Current TU value
= VES 43 |
|
Maximum IT rate:
(Individuals, Tariff No. 1: 6,000 TU)
(Legal entities, Tariff No. 2: 3,000 TU)
|
Individuals:
34% on the portion of net income over VES 54,000 |
Individuals:
34% on the portion of net income over VES 258,000 |
Legal entities:
34% on the portion of net income over VES 27,000 |
Legal entities:
34% on the portion of net income over VES 129,000 |
| Minimum net income required for individuals to file IT returns (1,000 TU) |
VES 9,000 |
VES 43,000 |
| One-off IT deduction (desgravamen único) for individuals (774 TU) |
VES 6,966 |
VES 33,282 |
| Personal and family tax rebates (10 TU for each rebate) |
VES 90 (for each rebate) |
VES 430 (for each rebate) |
| Revenue stamps to be placed on each page of documents to be filed with authorities (0.02 TU) |
VES 0.18 |
VES 0.86 |
| Minimum amount of net worth of individuals and legal entities required to qualify as a taxpayer of HNWT (150 million TU). |
VES 1.35 billion |
VES 6.45 billion |
We remain at your disposal should you require further details or clarification regarding the Administrative Ruling or any of the general matters outlined in this Client Alert.
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1 Organic Tax Code, Official Gazette No. 6,507 Extraordinary, published on 29 January 2020.
2 Organic Tax Code, Official Gazette No. 4.727 Extraordinary, published on 27 May 1994.
3 Administrative Ruling No. SNAT/2025/000048, published in the Official Gazette No. 43,140 on 2 June 2025.
4 Organic Tax Code, Official Gazette No. 6,152 Extraordinary, published on 18 November 2014.
