Venezuelan President Nicolas Maduro announced on 26 August 2020 that the government has approved relief measures for small businesses in response to the COVID-19 pandemic. This includes that new small businesses formed during the pandemic and up to three months after are granted an exemption from income tax until 31 December 2020, as well as an exemption from stamp duty on incorporation. In addition, VAT relief is provided for large companies subject to weekly VAT return/payment requirements, with the requirement changed to every two weeks. Additional details will be published once available.