Object moved

Object moved to here.

Venezuela

Overview

Last reviewed - 09 February 2021

The 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 soberano (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.

According to official estimations issued by the National Institute of Statistics (INE), Venezuela's population will exceed 31 million people in 2018.

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.

CIT final payment due date

Within three months following the end of the tax year.

CIT estimated payment due dates

Advance tax is paid in six equal instalments at consecutive monthly intervals.

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 (%) (Div/Int/Roy)

Resident: 34 / 0 or 5 / 0 - see summary;

Non-resident: 34 / see summary / see summary

Capital gains tax (CGT) rates
Corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

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
Inheritance tax rate (%)

Varies depending on degree of kinship.

Gift tax rate (%)

Varies depending on degree of kinship.

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.