VATLive > Blog > Venezuela > Venezuela hikes VAT on foreign currency settlements

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.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.
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