Venezuela

Sample corporate tax calculation

* Multiplied by the TU value, (i.e. VES 9/1 TU)

Exchange control

In January 2003, the Venezuelan government and the Venezuelan Central Bank (VCB) restricted the free trade of foreign currency and established an Exchange Control Regime.

The Venezuelan Constitutional Assembly enacted new Exchange Agreement N° 1 on 7 September 2018. The Exchange Agreement provides for new mechanisms for the settlement of transaction of acquisition and sale of foreign currency for the public and private sectors and abrogates the Exchange Agreements issued under the previous regime.

The VCB and the Popular Power Finance Ministry are authorised to determine the actions for development of the foreign exchange policy in accordance with Exchange Agreement N° 1:

The following three mechanisms of operations are provided for the private sector:

• Acquisitions and sales of positions in foreign currency by persons of the private sectors and through the authorised exchange operators, presumably provided for high value transactions.
• Retail exchange transactions up to 8,500 euros (EUR) of the equivalent value in other foreign currency per transaction.
• Negotiations in Venezuela currency of foreign currency denominated securities issued by the private sector.

In addition, special considerations are provided for export activities and tourism.

To date, regulations for implementation of the above-mentioned mechanisms, which are to be issued mainly by the VCB, have not been published. A new means of currency exchange was created by Resolution N°19-05-01 published in the official Gazette N°41.624 on 2 May 2019 whereby national banks sell to natural and legal persons through exchange tables.