Income tax exemption – iron production sector

On 1 October 2013, Decree 447 was published in the Official Gazette. The Decree exempts from tax any Venezuelan source income derived from the execution of projects, which are aimed at the recovery of iron production capacity and developed within the framework of the Convention on Economic and Technical Cooperation between Venezuela and China (Convenio de Cooperación Económica y Técnica entre el Gobierno de la República Bolivariana de Venezuela y el Gobierno de la República Popular de China).
Th…