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Venezuela raises VAT to 16%

  • VAT
  • 22 August 2018 | Richard Asquith

Venezuela raises VAT to 16%

Venezuela has introduced an emergency 4% VAT rise to 16% from 1 September 2018. The hike will be temporary until 31 December 2019.

The country is experiencing hyperinflation, and its currency, Bolivar, was devalued by 96% this week.

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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.