Legislature approves new Income Tax and Value Added Tax laws.

This article reports on the approved Value Added Tax law in Venezuela that was published in Official Gazette No. 38.632 of February 26, 2007. Also accepted was the Income Tax law published in Official Gazette No. 38.628 of February 16 2007. Both regulations will be in force for fiscal years beginning after their issuance dates. The thin capitalization debt-to-equity ratio included in the Income Tax Law was set at 1:1.