Venezuelan VAT rates and VAT compliance

VAT rates in Venezuela

VAT is due on all goods and services supplied domestically or imported. Exports are exempted. Under Venezuela’s budget law, it must set its standard VAT rate between 16.5% and 8%. The current rates are:

Venezuela VAT rates
Rate	Type	Which goods or services
15%	Luxury	Restaurant and bar services; telecom messaging services; rental of ships or aircraft for recreational use; imported high-value motor vehicles; gaming equipment
16%	Standard	All other supplies of goods, services and imports
8%	Reduced	Some human and animal foodstuffs; domestic airlines; some professional services; construction
0%	Zero	Exports of goods and services
0%	Exempt	Basic foodstuffs; public education; books and newspapers; public transport; financial services; medicine; healthcare; domestic electricity; entrance to entertainment and cultural events

Venezuela VAT compliance and returns

What is the tax point for Venezuelan VAT?

The time of supply, or tax point, is the date when the VAT becomes due. For goods, this is the earliest of: when the invoice is issued; or when the payment is made. For services, it is the earlier of: when payment is made; services provided; or invoice issued. For imports, VAT is due at the point of clearing the goods through Customs.

Venezuelan VAT returns

VAT registered businesses must submit online returns on a monthly basis. Returns are due by the 15^th of the following month. Payments are due at the same time by online transfer. Cash payments are possible at banks.

VAT credits, where input VAT suffered exceeds that charged on sales in a return period, are generally carried forward to future periods. The exception is for regular exporters who have no, or limited, output VAT. They may seek a refund from Seniat.

Venezuelan VAT invoices

VAT invoices are required for all transactions, including to consumers. They may be issued in a foreign currency but should show the rate of translation into local Bolivars at the Central Bank’s rate on the date of the tax point. Invoices and other VAT records must be maintained for at least five years for tax audit purposes.

Invoices should contain the following information at a minimum: