Προφίλ συναλλασσόμενης χώρας Βενεζουέλα

Tax rates

Nature of the tax: VAT: value-added tax
Tax rate: Standard rate:12%.
An additional 10% can be charged on certain luxury goods, including high-value vehicles and jewellery.
Reduced tax rate: Between 8% and 10%.
Are exempted exports, services of banks, financial institutions and leasing companies, insurance services, the sale of shares and bonds, domestic passenger transport, basic foodstuffs, farming machinery, ships and some education and health services.
Other consumption taxes: Municipal tax: rate varies according to the industrial or commercial activity concerned. Tax on subsidiary profits, taxes on oil exploitation, timber rights, taxes on the surface of non-exploited soils.

Corporate tax for petroleum companies and income from petroleum-related activities	Progressive rate up to 34%. The system of levy is expressed in tax units that specify tax rates. The value of a tax unit is 76 VEB.
From 0 to 2,000 tax units:	0.15
From 2,001 to 3,000 tax units:	0.22
Beyond 3,000 tax units.	0.34
Companies engaged in oil refining, exploration, exploitation, processing, transport, distribution, marketing, storage and export of non-associated natural gas	0.5

Capital gains taxation: The levy of capital gains is included in the corporate tax.
Main allowable deductions and tax credit: Deductions are possible for: depreciation, net operating losses, payments to foreign affiliates, taxes, charitable contributions.
Other corporate taxes: Payroll tax, capital duty, real property tax, social security contributions, stamp duty, R&D contributions, municipal tax.

Income tax	Income of resident individuals expressed in tributary units is subjected to tax at progressive rates. The value of a tax unit is 55 VEB.
Up to 1,000 units	6%
1,001 to 1,500 units	9%
1,501 to 2,000 units	12%
2,001 to 2,500 units	16%
2,501 to 3,000 units	20%
3,001 to 4,000 units	24%
4,001 to 6,000 units	29%
Beyond 6,000 units	34%

Allowable deductions and tax credit: Legal deductions include the following:
- school tuition and costs for dependants younger than age 25,
- health-insurance premiums,
- medical, dental and hospitalisation costs,
- interest on loans for housing purchase or expansion up to 1,000 units,
- house payment or rental costs up to 800 units per year.
A standard deduction of 774 units may be taken.
Each taxpayer may also deduct 10 units per person and per child.
Special expatriate tax regime: It concerns especially housing, vehicle and relocation allowances, payment of education expenses, cost-of-living and hardship allowances.

Countries with whom a double taxation treaty have been signed: See the list of the conventions signed by Venezuela.
Withholding taxes: Dividends: 0/34%, Interest: 4.9/34%, Royalties: 34%.
Bilateral agreement

Tax year: The fiscal year begins on January 1st and ends on December 31 of the same year.
Accounting standards: The Venezuelan accounting practice follows the American model quite accurately. The Venezuela Public Accountants Federation (FCCPV) advocates the adaptation of the principles of accounting generally accepted (PCGA) in countries following the International Standard Commitee norm (IASC).
Accounting regulation bodies: FCCPV
Accounting reports: To realize a financial analysis, companies have to make out a balance sheet and a profit and loss account which will be controlled and reported to the "Commercial Court" by an independent auditor.
Publication requirements: All commercial companies of Venezuela have to establish anuually some accounting documents:
- The account book
- The stocking account
- The account of expenditures analysis
- The stocking evolution.
Professional accountancy bodies: Auditing firms listed by region.
Certification and auditing: The balance sheet and the profit and loss account made out by the company must be controlled by an auditor (comisario) appointed by the shareholders. The auditor must be a licensed accountant, economist or business administrator.
You can consult an external auditor: Deloitte, KPMG, Ernst & Young, PricewaterhouseCoopers.
Accounting news: De Gerencia: Journal of management and negotiation
IAS Plus