Venezuela has introduced a new tax exemption for qualifying individuals and companies in the agricultural sector, including harvesting, threshing, storage, etc., as well as activities in the livestock, forestry, fisheries, and aquaculture sub-sectors. To qualify for the exemption, the main requirement is that 100% of the amount of tax exempted must be reinvested into R&D, improvement of productivity, or capital goods used for the exempted activity. For this purpose, the investment plan and sworn statements on investments made must be submitted and the related income, costs, and expenses must be separately recorded. Where certain costs and expenses are common to...