The Venezuelan Revenue Service Adjusted the Tax Unit to 1,500 Sovereign Bolivars, an increase of 2.900%

 

The Tax Unit ("TU") is a referential value created by the Organic Tax Code in 1994 to update tax bases, fees, fines and similar tax concepts according to the annual inflation. The National Integrated Service of Customs and Tax Administration (the "Revenue Service"), upon approval of the Permanent Commission of Finance of the National Legislative Assembly, must adjust the TU based on the variation of the National Consumer Price Index published by the Central Bank of Venezuela for the prior year.