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Venezuelan President Enacts Tax Increases

by Mike Godfrey, Tax-News.com, Washington

24 November 2014


Venezuelan President Nicolas Maduro approved a number of tax increases on November 18, 2014, in a bid to boost Government revenues.

The 28 laws passed by Maduro include a hike in the excise duty on purchases of luxury goods from 10 percent to 15 percent. This duty is applied in addition to the 12 percent consumer tax (IVA).

José David Cabello, the head of the country's tax administration, said during the televised signing ceremony that the luxury goods tax will apply to "people who buy yachts, planes, or large properties – people that make excess use of money."

The President also approved the elimination of income tax exemptions for cooperatives, foundations and associations.

In addition, taxes on tobacco and alcohol, excluding beer, will be increased.

The changes will come into effect once they have been published in the Official Gazette.

TAGS: tax | Venezuela | law | luxury tax | excise duty | tax rates | tax reform

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