Venezuela’s tax administration (SENIAT) has announced an increase of the tax unit (Unidad Tributaria – TU) value from VES (Bs.) 0.02 to VES (Bs.) 0.40. The increase is provided by Administrative Ruling SNAT/2022/000023, which was published in the Official Gazette on 20 April 2022 and is generally in force from that date. The tax unit value change takes into account the change in the valuation (expression) of the Venezuelan currency by a factor of 1 million to 1 with effect from 1 October 2021, which essentially reduced the prior tax unit value from VES 20,000 to VES 0.02. Administrative Ruling SNAT/2022/000023 also repeals the ruling that increased the tax unit value to VES 20,000 in 2021, Administrative Ruling SNAT/2021/000023.
Source Orbitax
