The National Integrated Service of Customs and Tax Administration (SENIAT) declared that as of September 27, 2017, the standard value added tax (VAT) rate in case of electronic purchases will be reduced by 3% or 5%. In the General Assembly of Fedeindustrias, Sector Vice-president of Economy and Minister of Popular Power for Economy and Finance, Ramón Lobo, explained that any natural or legal person that made electronic payment lower or up to 2 million bolivars, the VAT rate is to be reduced by 3%, and transactions made in excess of 2 million bolivars, the tax is to be lowered by 5%. But, standard VAT rate is applicable for non-electronic purchases.