Venezuela

Impuesto a los Grandes Patrimonios (IGP, "Wealth Tax on Large Fortunes"), created by Constitutional Law published in Official Gazette No. 41,667 (3 July 2019), still in force. Annual rate of 0.25% on net worth (total assets minus liabilities, excluding tax-exempt assets and encumbrances); the law permits the National Executive to raise the rate up to 1.50% by decree, but 0.25% is the statutory/applied rate as of this review. Applies to taxpayers formally designated "special taxpayers" (sujetos pasivos especiales) by the tax administration — natural or legal persons — whose net worth is equal to or greater than 150 million Tax Units (UT) as of the annual valuation date (30 September); this is a taxpayer-designation and net-worth threshold, not a restriction to a narrow asset class. Resident individuals taxed on worldwide net worth; non-residents on Venezuela-situated assets and enforceable rights only. IGP payments are not deductible from income tax.