Venezuelan VAT rates and VAT compliance
VAT rates in Venezuela
VAT is due on all goods and services supplied domestically or imported. Exports are exempted. Under Venezuela’s budget law, it must set its standard VAT rate between 16.5% and 8%. The current rates are:
|Rate||Type||Which goods or services|
|15%||Luxury||Restaurant and bar services; telecom messaging services; rental of ships or aircraft for recreational use; imported high-value motor vehicles; gaming equipment|
|16%||Standard||All other supplies of goods, services and imports|
|8%||Reduced||Some human and animal foodstuffs; domestic airlines; some professional services; construction|
|0%||Zero||Exports of goods and services|
|0%||Exempt||Basic foodstuffs; public education; books and newspapers; public transport; financial services; medicine; healthcare; domestic electricity; entrance to entertainment and cultural events|
Venezuela VAT compliance and returns
What is the tax point for Venezuelan VAT?
The time of supply, or tax point, is the date when the VAT becomes due. For goods, this is the earliest of: when the invoice is issued; or when the payment is made. For services, it is the earlier of: when payment is made; services provided; or invoice issued. For imports, VAT is due at the point of clearing the goods through Customs.
Venezuelan VAT returns
VAT registered businesses must submit online returns on a monthly basis. Returns are due by the 15th of the following month. Payments are due at the same time by online transfer. Cash payments are possible at banks.
VAT credits, where input VAT suffered exceeds that charged on sales in a return period, are generally carried forward to future periods. The exception is for regular exporters who have no, or limited, output VAT. They may seek a refund from Seniat.
Venezuelan VAT invoices
VAT invoices are required for all transactions, including to consumers. They may be issued in a foreign currency but should show the rate of translation into local Bolivars at the Central Bank’s rate on the date of the tax point. Invoices and other VAT records must be maintained for at least five years for tax audit purposes.
Invoices should contain the following information at a minimum:
- The term ‘factura’
- Unique, sequential invoice numbers
- Date of issuance
- Name and contact details of the vendor
- Tax number (RIF) of the vendor
- RIF, and full details of the customers
- Details of the goods or services provided, including quantities etc
- Taxable amount