Venezuela's tax administration (SENIAT) has announced an increase of the tax unit (Unidad Tributaria - TU) value from VES (Bs.) 0.40 to VES (Bs.) 9.00. The increase is provided by Administrative Ruling No. SNAT/2023/000031, which was published in the Official Gazette on 8 May 2023 and is in force from that date.

The tax unit value is used for various tax purposes, including the corporate inc…