Venezuela Gazettes Decree Establishing Excise Tax, VAT Regimes on Property, Services Imports

The Venezuelan Official Gazette June 1 published Decree No. 4,619, establishing VAT and excise tax regimes on imports of personal property, goods, and services. The decree includes measures: 1) exempting until Aug. 31 VAT and excise tax payments on tangible personal property imports; 2) exempting VAT payments on imports of personal property, and data processing and telecommunication assets; 3) applying an ad valorem tax rate of between zero and 2 percent on imports of personal property, and data processing and telecommunication assets; and 4) requiring importers to submit their declarations to the tax authority to take the tax benefits. Full Text -> BloombergTax

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