To whom does this obligation apply?

Any and all legal entities or persons that have been designated as special agents by the Tax Administration (SENIAT), so long as they hold wealth equal to or greater than 150.000.000 Unidades Tributarias (UT)[1].This tax is not deductible from the annual income tax declaration (ISLR).

Who is the creditor of this tax?

It is the responsibility of the National Public Power to regulate and collect this tax, this is done through the Servicio Nacional Integrado de Administración Aduanera y Tributaria (SENIAT).

What causes the tax?

Ownership or possession of “wealth”, understanding wealth as the total value of all assets and rights owned by the person or entity, excluding any liability and the value of charges and burdens that may encumber the rights and assets, excluding as well the value of assets and rights that have been exonerated or are legally exempt. The assets considered are any and all, not just those that produce wealth.

What is the tax base?

 The tax applies to any and all legal entities that have been designated as special agents, but the tax base varies if the legal entity is a foreign entity or a Venezuelan entity which is not a resident or is not-domiciled in Venezuela, the tax base will be determined as such:

Type of entity

Tax Base



Legal entity, non-corporate entity or person

Resident or domiciled in Venezuela



The entirety of assets and rights, wherever they may be found



Venezuelan legal entity, non-corporate entity or person

Not-Resident or not-domiciled in Venezuela


Foreign legal entity or person

Not-Resident or not-domiciled in Venezuela





Only assets in Venezuela, only right that may be exercised in Venezuela

Which assets or persons find themselves exempt or exonerated from this tax?

 The exemptions established in the law apply to the people and the assets indicated, and those are as follows:

The Bolivarian Republic of Venezuela and other territorial entities (states and counties);

  • The Venezuelan Central Bank;
  • All functionally decentralized entities (such as the SUNAVAL, SUDEASEG, SUDEBAN, etc.);
  • A person’s home (must be registered as such);
  • Domestic goods (such as personal effects, utensils, furniture; this does not apply to jewelry, art work or antiquities);
  • Labor benefits and contributions;
  • Assets and rights subject to the communal property regime (subject to rules not yet decided);
  • Assets invested in the agriculture, fishing or livestock industries, so long as these activities are the main activities of the individual and are done at the primary level;
  • The work of artists, so long as it remains their property;
  • The assets of foreign diplomatic and consular missions that may be found in Venezuelan territory;

While no exonerations have been decreed as of yet, the President may, by decree, determine certain categories of individuals, industries or strategic sectors as being exonerated from the payment of this tax, this may apply as well to certain assets or sovereign bonds as determined, such a decree must regulate the terms of the exoneration.

How will the value of wealth be determined?

According to the Tax Ordinance SNAT/2019/00213, the SENIAT will determine the rules of valuation used in order to determine the value of rights, assets, charges, burdens and liabilities used in the calculations of wealth, these rules shall be published on the SENIAT’s website[1]. Regarding real estate, the value will be determined by taking the highest value when comparing: (i) registered value; (ii) market value; (iii) up-to-date or adjusted for inflation value; it has become the duty of each county’s authorities to determine and keep the value of real estate up-to-date so that the calculations can be made properly.

When must this tax be declared?

 According to the law, the tax is considered caused on the 30th of September of every year, and according to Tax Ordinance SNAT/2019/00213, the period to declare and pay the tax will be between 1st October and 30th November each year[2].

How will the tax determined for the first declaration period between 1st October and 30th November, 2019?

 For the first period, that of 1st October to 30th November, 2019, the value of assets will be that which is displayed by on the company’s accounting books and financial records, likewise, this also applies to individuals.

How must the declaration be made? How is the tax payed?

 The SENIAT is yet to publish the relevant rules for future declarations.

How much is the tax rate?

[1] A sort of fiscal value measuring unit, currently priced at Bs. 50,00.


[3] The first tax period ends on 30th of September, 2019, and this first period must be declared and payed between 1st October and 30th November, 2019.