Venezuela

Enactment of the Master Law for the coordination and harmonisation of the taxing powers of States and Municipalities

On August 10, 2023, the National Assembly issued the Master Law for the Coordination and Harmonisation of the Tax Powers of States and Municipalities.  The Law will come into force after 90 continuous days following its publication, that is, on November 8, 2023. As of its entry into force, the provisions of state laws and municipal ordinances that establish tax rates other than those permitted by the Law will be abrogated. Likewise, the States and Municipalities will have a period of 90 continuous days from the entry into force of the Law to adapt their current legal instruments on tax matters. In general terms, the Law is aimed at harmonising the taxing powers of States and Municipalities as well as optimising some tax processes.