Venezuela: Business Environment
Exports of tangible personal property and tangible movable property and exports of services are zero-rated.
The 15% additional rate applies to: membership and maintenance fees of restaurants, nightclubs and bars with restricted access; the rental of ships or aircraft for civilians, among others, for recreational activities or sports; services provided by third parties through text messaging or other technological means; cars imported or manufactured in the country with a value equal to or higher than USD40,000; motorcycles imported or manufactured in the country with a value equal to or higher than USD20,000; airplanes used for exhibitions, advertisement, recreation or sports purposes; ships and vessels for recreation and sports purposes, or for the particular use of its owner; gaming machines that use coins or cards caviar; lease of ships for recreation and sports purposes or airplanes used for exhibitions, advertisement, recreation or sports purposes; services rendered on behalf of third parties, through text messages or other technological means.
Under the Hydrocarbons Organic Law, the state is entitled to 30% of the volume of hydrocarbons extracted from any deposit, by way of royalties, while for the Gaseous Hydrocarbons Organic Law the royalty is equal to 20%. Furthermore, 10% of the value of each cubic metre of hydrocarbon by-products produced and consumed as fuel in wholly-owned operations, based on the price of the end consumer, is due as a tax
Sound and television broadcasting are subject to a 1% levy, whereas other telecommunication services are subject to a 2.3% rate (plus several other contributions).
Taxpayers whose net equity (for companies) exceeds 150 million TUs are subject to a wealth tax at 0.25% of total equity.
Venezuela | Latin America & Caribbean | United States | Germany | |
Number of Payments of Taxes per Year | 99.0 | 28.2 | 10.6 | 9.0 |
Time Taken For Administrative Formalities (Hours) | 920.0 | 327.5 | 175.0 | 218.0 |
Total Share of Taxes (% of Profit) | 73.3 | 46.8 | 36.6 | 48.8 |
Source: Doing Business, Latest available data.
Income tax | Income of resident individuals expressed in tributary units is subjected to tax at progressive rates. As of June 2021, each TU is valued at VES 20,000 |
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% |
Resident individuals who are not employees can deduct expenses following the rules that apply to corporations.
Find out more about Taxes and Accounting in Venezuela on GlobalTrade.net, the Directory for International Trade Service Providers.
Any Comment About This Content? Report It to Us.
© Export Entreprises SA, All Rights Reserved.
Latest Update: April 2022