Venezuela

Venezuela raises VAT to 16%

August 22nd, 2018

Venezuela has introduced an emergency 4% VAT rise to 16% from 1 September 2018. The hike will be temporary until 31 December 2019. The country is experiencing hyperinflation, and its currency, Bolivar, was devalued by 96% this week.


Venezuela

Venezuela offers discounted VAT on card payments

December 25th, 2016

Venezuela is to offer a 2% VAT rate discount to consumers purchasing goods or services by electronic payments, including credit cards and wire transfers. The measure is an incentive to avoid unrecorded, cash-based payments and reduce VAT fraud. The current standard VAT rate in Venezuela is 12%. The 10% discounted rate will apply only to …