Venezuela implements new tariffs for payments in currencies
The rate for consumption paid in foreign currency will fluctuate between 15% and 20%
Among the measures approved by the National Constituent Assembly concerning the integral tax reform are: to extend the exemptions to products of the basic basket, to establish a variable rate for taxed consumption that will fluctuate between 8% and 16.5% as determined by the National Executive and to set a surcharge of between 5% and 25% to goods and services paid with foreign currency and cryptocurrencies other than petro.
In the particular case of Value Added Tax (VAT) for consumption considered expensive and paid in foreign currency, its rate will fluctuate between 15% and 20%. The tax rate applicable to sales of movable goods and services exports will be 0% .
As established in article 62 of the VAT Constituent Decree where it specifies that “if the document of sale of a movable property requires for its validity that a notary publicly certifies its subscription by the contracting parties, the latter must request – prior to the authentication of the document – proof of payment in bolivars or in cryptocurrency issued and backed by the Bolivarian Republic of Venezuela.
In addition: “In the case it fails, you must demand proof of payment of the tax obligation referred to in this article.”
With respect to article 18 of this law, the products of the basic basket cannot be taxed. It menas food for human consumption, biological inputs for the agricultural and livestock sector, eggs, flour of vegetable origin, rice, bread, pasta, salt, sugar, paper, roasted coffee, canned tuna and sardine; pasteurized raw milk, powder milk and baby formulas, cheese, butter; also meats, cattle and pigs, mayonnaise, oatmeal among others.
K.Villarroel
Source: bancaynegocios
