General VAT rate of 10% on transactions paid through electronic means
The President of the Republic issued Decree No. 2.602 of December 14, 2016, published in Official Gazette No. 41.052 of December 14, 2016 (the “Decree”). Said Decree established the general Value Added Tax rate (“VAT”) applicable to transactions paid through electronic means.
The 10% general VAT rate will be imposed on the sales of personal goods and provision of services to natural persons who are end consumers, for up to the amount of Bs. 200,000.00, provided that such transactions are paid through electronic means. Said 10% rate will not be applicable if the electronic payment method coexists with any other form of payment.
The Decree also established that the acquisition of goods and services with the VAT received; the final importation of personal property; and the acquisition of metals and precious stones (that is, gold, including gold plated with platinum, unrefined, semi-manufactured gold or gold dust; silver; platinum, which comprises iridium, osmium, paladino, rhodium, and ruthenium; precious metal alloys; precious stones; and diamonds, including worked, not mounted, not set, or unsorted diamonds), are excluded from the application of the 10% general VAT rate.
The Decree will enter into force upon the elapsing of 10 calendar days following its publication in the Official Gazette and will remain in effect for 90 days.
In order to access the Decree, please click here.