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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Venezuela

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About

Venezuela

Capital
Official languages
Population 
Currency

ISO 4217

Caracas

Spanish

Approximately 28.9 million

Bolivar

VEF

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Economy

Venezuela's economy has been in a state of decline for many years. According to the International Monetary Fund (IMF), the country's GDP has decreased by an average of 6.2% annually since 2013. Inflation has also been a major issue, with the IMF estimating that it reached an all-time high of 1,698,488% in 2019. This has led to a severe shortage of basic goods and services, with the World Food Programme estimating that 9.3 million people in the country are food insecure. Unemployment has also been on the rise, with the IMF estimating that it reached 33.9% in 2019. The country's public debt has also been increasing, with the IMF estimating that it reached a staggering US$150 billion in 2019. These figures demonstrate the dire state of Venezuela's economy and the urgent need for reform.

Taxation

In Venezuela, both individuals and corporations are subject to taxation.


For individuals, the tax system is based on a progressive income tax system, with rates ranging from 0% to 34%. The tax is calculated on the basis of the individual's taxable income, which includes salaries, wages, and any other income earned during the year. Individuals are also subject to a value-added tax (VAT) of 16%, which is imposed on most goods and services.


For corporations, the standard corporate tax rate is 34%. There is also a branch profits tax of 34% for foreign corporations operating in Venezuela. In addition, corporations are subject to various other taxes, such as a municipal tax, a tax on financial transactions, and a tax on the transfer of assets.


The process of tax payment in Venezuela is carried out through the Servicio Nacional Integrado de Administración Aduanera y Tributaria (SENIAT), the country's tax authority. Taxpayers are required to file their tax returns and pay any taxes owed by the 31st of March of the following year. The tax year in Venezuela runs from January 1st to December 31st.


Late payment of taxes can result in penalties and interest charges. In addition, failure to file tax returns or to pay taxes owed can lead to fines, legal action, and even imprisonment. It is therefore important for individuals and corporations to comply with the tax regulations in Venezuela and to fulfill their tax obligations on time.

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B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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