Venezuela

Individual - Significant developments

Last reviewed - 30 June 2022

Partial amendment of the Law og Large Financial Transactions Tax 

The partial amendment of the Decree with Rank, Value and Force of Law on the Major Financial Transactions Tax was published in the Extraordinary Official Gazette No. 6,687 dated February 25, 2022. The amendment basically expands the categories of persons subject to tax and provides for a new rate of 3% on certain transactions carried out in foreign currency, cryptocurrencies or crypto assets other than those issued by the Bolivarian Republic of Venezuela. The amendment entered into force on March 27, 2022.

In addition, Decree N° 4,467 providing for a tax exoneration on charges in connection with transactions involving securities issued or guaranteed by the Republic of Venezuela or the Venezuelan Central Bank and securities traded through Stock Exchange Houses was published in the Extraordinary Official Gazette N° 6,689 dated February 25, 2022. The Decree also provides for other transactions not subject to tax and is in force for one year as of the date of publication.

On the basis of the above-indicated regulatory changes, Administrative Ruling SNAT/2022/000013, published in the Official Gazette N° 42,339 dated March 17, 2022, provides for the designation of Special taxpayer as collection agents of the tax for payments received in foreign currency, cryptocurrencies or crypto assets other than those issued by the Bolivarian Republic of Venezuela without mediation of the financial system. The Ruling entered into force on March 28, 2022.