Resolution SNAT/2016/011 was published in Venezuela's Official Gazette on 11 February 2016, increasing the tax unit (unidad tributaria - TU) value from VEF 150 to VEF 177 for 2016. The tax unit is used as a reference value for a number of tax purposes, including determining applicable progressive income tax rates, deductions, penalties and other purposes. The increase results in the following corporate income tax brackets for 2016: up to VEF 354,000 (2,000 TU) - 15% over VEF 354,000 (2,000 TU) up to VEF 531,000 (3,000 TU) - 22% over VEF 531,000 (3,000 TU) - 34% For taxpayers following a...