Income Tax Exoneration for Taxpayers who obtain income from agricultural, forestry, cattle and poultry breeding, fishery, aquaculture and fish farming activities in fiscal years 2016, 2017, and 2018
Presidential Decree No. 2,287 (''Decree 2,287'') (Official Gazette No. 40,873 of March 21, 2016) exonerated from income tax liability those individuals and legal entities that obtain Venezuelan-source income from the primary exploitation of agricultural, forestry, cattle and poultry breeding, fishery, aquaculture, and fish farming activities in years 2016, 2017 and 2018.
Decree 2,287 entered into force retroactively on January 1, 2016 and will be in force until December 31, 2018. Although Decree 2,287 was not published in the Official Gazette on January 1, 2016, the Political-Administrative Chamber of the Supreme Court of Justice has admitted the retroactive application of tax exonerations (Case: Papeles Venezolanos, C.A. vs National Treasury, of August 5, 1980.)
The exoneration was previously regulated by Presidential Decree No. 285 (Official Gazette No. 40,223 of August 7, 2013), which was valid until December 31, 2015.