VATupdate
VAT

The National Constituent Assembly amended the VAT law and established a surcharge on transactions in foreign currency

On 29 January 2020, the National Constituent Assembly approved through decree the partial reform of the Decree with Rank, Value and Force of Law of the Value-added Tax Law. The law will enter into force on 29 March 2020, and will apply from 1 April 2020. The law included important changes regarding the transactions subject to VAT liability and the traditional form of determining the tax, through the creation of a surcharge in cases of sale of goods and services agreed and/or paid in foreign currency, cryptocurrency or crypto-asset, different from those authorized by the Central Bank of Venezuela.

Source: bakerxchange.com

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