VATLive > Blog > VAT > Venezuela reduces VAT on credit cards to cut fraud - Avalara

Venezuela reduces VAT on credit cards to cut fraud

  • VAT
  • 23 September 2017 | Richard Asquith

Venezuela reduces VAT on credit cards to cut fraud

Venezuela has announced VAT rate cuts to its standard VAT rate of 12% when businesses or consumers use their bank debit or credit cards for settlement.  The aim it to discourage cash, undeclared sales being made which do not declare VAT.

The VAT rate is reduced to 9% on spend for goods or services below VEF 2m.  The rate drops further, to 7% for spend above VEF 2m.

The effective date is 19 September 2017

Latest news
Venezuela raises VAT to 16%
August 22, 2018

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...
Venezuela reduces VAT on credit cards to cut fraud
September 23, 2017

Venezuela has announced VAT rate cuts to its standard VAT rate of 12% when businesses or consumers use their bank debit or credit cards for...
Venezuela offers discounted VAT on card payments
December 25, 2016

Venezuela is to offer a 2% VAT rate discount to consumers purchasing goods or services by electronic payments, including credit cards and wire transfers. The...

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.