The president has declared the enactment of a series of laws to notice the economic development in Venezuela on 18th November 2014. These laws includes the following tax related items:
- Income tax reformation to raise tax collection via the avoidance of exemptions granted to foundations and inflation-related adjustments for certain financial entities.
- A new 15% VAT rate is used for luxury goods, but standard VAT rate to continue at 12%
- Organic tax code restructuring with respect to special taxpayers and foreign companies and to make notice on tax evasion.
- The manufacture and importation of cigarettes is to be faced instant taxation. An increased rate on wine going from 15% to 35% and on other alcoholic beverages ranging from 20% to 50%.
