In order to increase and diversify government revenue, Venezuela`s President has accepted tax increases on 18th November 2014. 28 laws have been passed to incorporate an increment in the excise duty for buying luxury goods from 10% to 15%. This duty is applied in addition to the 12% sales tax already in force. The President also accepted the removal of income tax discharges for cooperatives, foundations and associations, whereas taxes on tobacco and alcohol will be raised. The amendments will enter into force upon publication in the official gazette.
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