Seniat adjusts the value of TU to 50 Bs
The National Tax Authorities in Venezuela (Seniat) increased the value of the Tax Unit to 50 bolivars as stipulated in the Official Gazette number 41,597 of March 7
The Tax Unit (TU) in Venezuela was set at 17 Bs in September 2018, so the increase represents 194.11%, while the inflation estimated by the National Assembly reached 348.2% during January and February 2019.
The value of the Tax Unit, now fixed at 50 Bs, can only be used as a measurement range for the determination of national taxes which collection is the responsibility of the Seniat, the National Tax Authorities in Venezuela. Indeed, Article 2 of the ruling states that the UT can not be used by other entities and bodies of public power to establish labor benefits or special rates as a special contribution of the services they provide.
It should be noted that during 2018 Nicolás Maduro increased the value of the unit four times, three times before the monetary reconversion of last August and September where it was set at 17 Bs as a result of hyperinflation in Venezuela.
As contemplated in the Venezuelan laws, the Tax Unit adjusts only once a year, in February, specifically after the Seniat submits its proposal to the National Assembly.
L.Sáenz
Source: BancayNegocios
