VATLive > Blog > Venezuela > Venezuela reconfirms 16% VAT rate

Venezuela reconfirms 16% VAT rate

  • Jan 18, 2020 | Richard Asquith

Venezuela has reconfirmed its standard VAT rate at 16% for 2020. The rate was increased from 12% to 16% as an emergency economic measure in September 2018.

Venezuela implemented its Value Added Tax (VAT) regime on the 1st October 1993. The VAT system follows the OECD-model, with tax due and reclaimable throughout the supply chain until the final consumer. VAT, Impuesto al Valor Agregado (IVA), is set by the Ministry of Finance and administered by Seniat, the tax revenue service.

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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 can be contacted at: richard.asquith@avalara.com. He is part of the European leadership team which won International Tax Review's 2020 Tax Technology Firm of the Year. Richard trained as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.
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