Venezuela: Amendments to VAT legislation

08 December, 2014

The Decree No. 1436 became publicly available on 28^th November 2014. The decree introduces amendments to the VAT legislation. This decree entered into force on 1^st December 2014. The main amendments are given below:

VAT input tax cannot be applied after 12 months following (i) the issuance of the invoice, the debit note or the customs declaration, or (ii) the VAT payment regarding services received from abroad;
The extra VAT applied on luxury goods and services is increased to 15% and
Input VAT is not deductible if it is contained in fake documents or invoices, not completely and directly related to the business activity, and received for the purpose of food consumption, beverages and public shows.

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