Venezuela Increases the Standard Rate of the VAT

September 4, 2018 Ramon Frias

The congress of Venezuela has enacted Decree 3.584/2018, by which the standard rate of VAT will be increased from 12% to 16%, effective September 1, 2018. According to the Decree, the rate increase will be temporary and will last until the end of 2019. This measure is intended to increase the tax collection of the government in view of the hyperinflation that is affecting the country.

About the Author

Ramon Frias

As Tax Counsel, Ramon is licensed to practice law in the Dominican Republic and is a member of the Dominican Bar Association. He has a Certificate Degree from Harvard University as well as a JD from the Universidad Autonoma de Santo Domingo.Ramon has written many essays about tax administration, and for one of them won the first prize in the international essays contest sponsored by the Inter American Center of Tax Administrations (CIAT). Prior to joining Sovos Compliance, Ramon worked for more than 10 years in the Department of Revenue of the Dominican Republic where he served as Deputy Director. He is proficient in French and Spanish.

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