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Venezuela Raises Tax-Free Threshold For PIT

by Mike Godfrey, Tax-News.com, Washington

17 March 2016


Venezuelan President Nicolás Maduro announced on March 8, 2016, that the minimum threshold for paying the individual income tax has been raised to 3,000 tax units, exempting with a monthly income of about VEF50,000 (USD7,875).

The measure will be implemented under an emergency decree, he said.

The President also said that the Government is receiving assistance from Ecuador to improve the tax administration's ability to curb tax evasion.

In recent months Maduro has introduced a number of fiscal reforms – mainly targeted at high-income taxpayers – with the aim of reversing economic contraction in the country. At the end of last year a package of revenue-raising reforms, including a 0.75 percent tax on large financial transactions, was introduced.

TAGS: compliance | tax | economics | tax compliance | Venezuela | fiscal policy | Ecuador | tax reform | individual income tax | Tax | Tax Evasion

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