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Venezuela Offers VAT Cut To Discourage Black Market Trading

by Mike Godfrey, Tax-News.com, Washington

04 October 2017


In a bid to regularize transactions and encourage trading in local currency, Venezuela has legislated to lower value-added tax on transactions with electronic payments.

The value-added tax discount will be greatest for those transactions for consideration of more than VEF2m (officially USD200,000), which will see VAT cut to seven percent, from 12 percent.

For smaller transactions, the VAT rate will be nine percent, a lesser reduction of three percent.

The measure is due to be in place until the end of the year, from September 27, 2017 (five days after Decree No. 3,085 was published in the Official Gazette).

TAGS: VAT rates | tax | value added tax (VAT) | Venezuela | currency

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