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.