Venezuela's tax administration (SENIAT) has announced an increase of the tax unit (unidad tributaria - TU) value from VEF 850 to VEF 1,200 effective 20 June 2018. This is the third increase so far in 2018 and follows an increase to VEF 500 effective 1 March 2018 and to VEF 850 effective 1 May 2018. 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 others. For corporate income tax, …