Venezuela published Decree 4972 in the Official Gazette on 12 July, 2024, which reduces the tax rate to 0% from 2% for large financial transactions. The 0% tax rate applies to specific transactions which are mentioned in paragraphs one to four of Article 4 of the Law on Tax on Large Financial Transactions.
The 0% tax rate also applies to payments made in bolivars by legal entities or ‘special taxpayers’ through national banks or directly without financial institutions.
Additionally, the decree mandates that the 3% tax on financial transactions tax will continue to apply to payments in foreign currency or cryptocurrencies by individuals and legal entities within the national banking system and without the involvement of financial institutions.
The decree went into force on 15 July, 2024.
