Venezuela has recently introduced amendments to the country's corporate income tax and value added tax (VAT) laws via Presidential Decree on 18 November 2014. The main changes are summarized as follows: Corporate Income Tax Changes The tax exemption for cooperatives, certain non-profit institutions, professional associations, universities and educational institutions will be eliminated Salaries and wages paid will only be deductible when social security and withholding obligations have been complied with Expenses for write-off of inventories or goods for sale will not be deductible Expenses for the write-off of fixed assets will be deductible subject to certain conditions Net operating losses,...