The Venezuelan Government exonerated from income tax liability those cooperative associations incorporated under the Special Law on Cooperative Associations, who obtain Venezuelan source income.
1. Entry into force
The exoneration came into force on October 24, 2019, and is valid for three years, until October 24, 2012. The exoneration will apply to fiscal years ongoing by October 24, 2019.
2. Conditions to claim the exoneration
Cooperative association must meet these requirements to claim the exoneration:
a. Update the Venezuelan Tax Information Registry (Registro Único de Información Fiscal) (through the National Integrated Service of Customs and Tax Administration-SENIAT's Webpage), and file the compliance certificate issued by the Office of the National Superintendent of Cooperatives (Superintendencia Nacional de Cooperativas-SUNACOOP).
b. File an annual taxable and exonerated income tax return under the Income Tax Law, its Regulations and other rules.
c. Comply with the obligations in the Income Tax Law, its Regulations and other rules.
Cooperative associations will lose the exoneration benefit in case of non-compliance.
3. Determination of exonerated income
The Income Tax Law will apply for determining taxable and exonerated income, costs and expenses. Cooperative associations must prorate common costs and expenses applicable to taxable and exonerated income.
Cooperative associations cannot offset the losses derived from exonerated activities against taxable income.
 Presidential Decree No. 4.015, Official Gazette No. 41.745, of October 24, 2019.
 Decree with Force of Law on Partial Reform of the Special Law on Cooperative Associations, Official Gazette No. 37,285, of September 18, 2001.
 V. www.seniat.gob.ve
 Assigned to the Ministry of People's Power for Communes and Social Movements, v. https://www.mpcomunas.gob.ve/2016/11/22/sunacoop/, accessed on November 11, 2019.