According to recent reports, Venezuela has increased the tax unit (unidad tributaria - TU) value from VES 1,500 to VES 20,000. The increase was provided by Administrative Ruling SNAT/2020/00006, which was published in the Official Gazette on 6 April 2021 and is generally in force from that date. The amount is used exclusively in the application of national taxes.

For corporate income tax, the increase results in the following brackets:

• up to VES 40,000,000 (2,000 TU) - 15%
• over VES 40,000,000 (2,000 TU) up to VES 60,000,000 (3,000 TU) - 22%
• over VES 60,000,000 (3,000 TU) - 34%

The Administrative Ruling provides that for taxes that are settled for annual periods, the applicable tax unit value is the value in force at the end of the respective period (fiscal year). For taxes that are settled for periods other than annual periods, the applicable tax unit value is the value in force at the beginning of the period.