In this page: Accounting Rules | Tax Rates | Intellectual Property | Legal Framework | Standards | Business Practices
Exports of tangible personal property and tangible movable property and exports of services are zero-rated.
The 15% additional rate applies to: membership and maintenance fees of restaurants, nightclubs and bars with restricted access; the rental of ships or aircraft for civilians, among others, for recreational activities or sports; services provided by third parties through text messaging or other technological means; cars imported or manufactured in the country with a value equal to or higher than USD40,000; motorcycles imported or manufactured in the country with a value equal to or higher than USD20,000; airplanes used for exhibitions, advertisement, recreation or sports purposes; ships and vessels for recreation and sports purposes, or for the particular use of its owner; gaming machines that use coins or cards caviar; lease of ships for recreation and sports purposes or airplanes used for exhibitions, advertisement, recreation or sports purposes; services rendered on behalf of third parties, through text messages or other technological means.
Learn more about Service Providers in Venezuela on Globaltrade.net, the Directory for International Trade Service Providers.
Under the Hydrocarbons Organic Law, the state is entitled to 30% of the volume of hydrocarbons extracted from any deposit, by way of royalties, while for the Gaseous Hydrocarbons Organic Law the royalty is equal to 20%. Furthermore, 10% of the value of each cubic metre of hydrocarbon by-products produced and consumed as fuel in wholly-owned operations, based on the price of the end consumer, is due as a tax
Sound and television broadcasting are subject to a 1% levy, whereas other telecommunication services are subject to a 2.3% rate (plus several other contributions).
Taxpayers whose net equity (for companies) exceeds 150 million TUs are subject to a wealth tax at 0.25% of total equity.
Venezuela | Latin America & Caribbean | United States | Germany | |
---|---|---|---|---|
Number of Payments of Taxes per Year | 99.0 | 28.2 | 10.6 | 9.0 |
Time Taken For Administrative Formalities (Hours) | 920.0 | 327.5 | 175.0 | 218.0 |
Total Share of Taxes (% of Profit) | 73.3 | 46.8 | 36.6 | 48.8 |
Source: Doing Business - Latest available data.
Income tax | Income of resident individuals expressed in tributary units is subjected to tax at progressive rates. As of June 2021, each TU is valued at VES 20,000 |
Up to 1,000 units | 6% |
1,001 to 1,500 units | 9% |
1,501 to 2,000 units | 12% |
2,001 to 2,500 units | 16% |
2,501 to 3,000 units | 20% |
3,001 to 4,000 units | 24% |
4,001 to 6,000 units | 29% |
Beyond 6,000 units | 34% |
Resident individuals who are not employees can deduct expenses following the rules that apply to corporations.
Learn more about Taxes and Accounting in Venezuela on Globaltrade.net, the Directory for International Trade Service Providers.
Type of property and law | Validity | International Agreements Signed |
---|---|---|
Patent Decision No. 486 of September 14, 2000 of the Commission of the Cartagena Agreement on the Common Provisions on Industrial Property |
20 years | |
Trademark Decision No. 486 of September 14, 2000 of the Commission of the Cartagena Agreement on the Common Provisions on Industrial Property |
10 years, renewable for consecutive periods of 10 years | |
Design Industrial Designs . |
10 years | |
Copyright Decision n° 351 of September 17, 1993 of the Commission of the Cartagena Agreement on the Common Provisions on Industrial Property |
Protection extends to 50 years following the author's death |
WIPO Copyright Treaty |
Industrial Models Industrial Designs . |
5 to 10 years |
The country does not adhere to the ICJ (International Court of Justice) jurisdiction.
The country is a member of the OAS : Organization of American States. It is also an associated member of MERCOSUR and of Comuninad Andina: Community of South American Nations.
Learn more about Lawyers and Legal in Venezuela on Globaltrade.net, the Directory for International Trade Service Providers.
Some importers have met some difficulties: no foreign standard has been recognized and hence Venezuela makes it compulsory to obtain a certificate.
Banking hours: 8:30 AM to 3:30 PM
Shop opening hours: in general from 9:30 AM to 7 PM or from 11 AM to 10 PM (Monday to Saturday).
New Year's Day | January 1 |
Carnaval | February 4 or 5 : date changes according to the year |
Holy Thursday and Friday | March 20 and 21 |
Declaration of Independence | April 19 |
May Day | May 1 |
The Battle of Carabobo Anniversary | June 24 |
Independence Day | July 5 |
Simon Bolivar's Birthday | July 24 |
Discovery of the Americas Day | October 12 |
Christmas | December 25 |
School holidays | Month of August |
Christmas holidays | From December 24 to January 4 |
Holy Week | End of March |
Any Comment About This Content? Report It to Us.
© Export Entreprises SA, All Rights Reserved.
Latest Update: April 2022