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Venezuela
Overview
Last reviewed - 29 June 2024The Bolivarian Republic of Venezuela (Venezuela) has a privileged location on the Northern Coast of South America, which facilitates access to the East Coast of the United States, to the Panama Canal, to Central America, and to the Caribbean. The country has a surface of 916,445 square kilometres and is the seventh largest country in Latin America. The official language of Venezuela is Spanish, and the currency is the bolívar (VES).
Venezuela is defined as a federal and democratic state, with Caracas as the capital. There are three levels of government: the national, the state, and the municipal governments. The legal system is based on the Roman law and the Napoleonic Code. The main tenets of the legal system are embodied in the Constitution of 1999, congressional laws, executive decrees, and the legal standards of the Republic.
Venezuela is highly dependent on oil revenues. Due to the country’s current economic environment, a decrease of 26.8% in the gross domestic product (GDP) was experienced for the first quarter of 2019.
PwC Venezuela supports clients with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms. Our knowledge, experience in the local market, and quality orientation and service to companies in the country are the foundation of our position as the leading firm in Venezuela.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
34 |
| Corporate income tax (CIT) due dates | |
|---|---|
| CIT return due date |
Within three months following the end of the tax year or the date established in the payment calendar in case of special taxpayers. |
| CIT final payment due date |
Within three months following the end of the tax year or the date established in the payment calendar in case of special taxpayers. |
| CIT estimated payment due dates |
Advance tax is paid in six equal instalments at consecutive monthly intervals. In case of special taxpayers, advanced periodical payments must be remitted during the year. |
| Personal income tax (PIT) rates | |
|---|---|
| Headline PIT rate (%) |
34 |
| Personal income tax (PIT) due dates | |
|---|---|
| PIT return due date |
31 March or the date indicated in the corresponding calendar in case of special taxpayers. |
| PIT final payment due date |
Jointly with the tax return filing. Individuals can choose to make the payment in up to three monthly instalments, the first one due with the tax return filing. |
| PIT estimated payment due dates |
In general, advanced income tax is payable in six equal and consecutive monthly instalments as of the second half of the sixth month of the taxpayer's current taxable year. |
| Value-added tax (VAT) rates | |
|---|---|
| Standard VAT rate (%) |
16 |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
Resident: 34 / 0 or 5 / 0 - see summary; Non-resident: 34 / see summary / see summary |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
Capital gains are subject to the normal CIT rate. |
| Headline individual capital gains tax rate (%) |
Capital gains are subject to the normal PIT rate. |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
0.25 |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
Varies depending on degree of kinship. |
| Headline gift tax rate (%) |
Varies depending on degree of kinship. |
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