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Sixteen percent tax rate to be applied for the rest of fiscal year 2018 and all 2019

Decree No. 3.584 of August 17, 2018, issued by the President of the Republic, was published in Official Gazette No. 6.395 Extraordinary of August 17, 2018 (the “Decree”). According to the Decree, the general tax rate to be applied during the rest of Fiscal Year 2018 and all of Fiscal Year 2019 was fixed at 16%.

 

The National Executive was authorized to make the necessary adjustments resulting from the modification of the Value Added Tax rate prescribed in the Decree or resulting from any other variation in the financing approved by the National Constituent Assembly or the Supreme Tribunal of Justice.

 

The Decree will become effective as from September 1, 2018.

 

In order to access the Decree, please click here.

 

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”