Venezuela reduces VAT on credit cards to cut fraud
Venezuela has announced VAT rate cuts to its standard VAT rate of 12% when businesses or consumers use their bank debit or credit cards for settlement. The aim it to discourage cash, undeclared sales being made which do not declare VAT.
The VAT rate is reduced to 9% on spend for goods or services below VEF 2m. The rate drops further, to 7% for spend above VEF 2m.
The effective date is 19 September 2017
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