Venezuela published Decree No. 4.976 in the Official Gazette on 12 August 2024, which provides for the introduction of an income tax exemption for cooperative associations on income generated in Venezuela. The exemption is effective for a period of one year beginning 12 August 2024, including for the fiscal year in progress, and may be extended an additional year. To qualify, a cooperative association must update its taxpayer registration number (RIF) by providing a certificate of compliance issued by the National Cooperatives Superintendency, and must comply with standard requirements of the Income Tax Law, including the submission of an annual...