Venezuela hikes VAT on foreign currency settlements
- Feb 8, 2020 | Richard Asquith
Venezuela is to introduce a new, higher VAT rate for transactions settled in foreign currencies or cryptocurrencies.
The standard VAT rate in the South American country is 16%. From 28 February 2020, the new additional rate of between 5% and 25% will be introduced on sales in currencies not supported by the Venezuelan treasury. Normally zero-rated transactions, including exports, will also be subject to the new rate.
Latest Venezuelan news
Register now for instant access to over 30 hours of recorded webinars with global tax experts and our latest resources covering the most important issues facing your business right now and for 2021.
Sign up for our free newsletter stay up-to-date with the latest tax news.
Stay ahead of the curve, sign-up to VAT Voice, our essential monthly round-up of VAT, GST and legislation news