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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
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Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Tax policy
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
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Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
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Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
Indirect tax snapshot
Please click on each section to expand further:
The Value Added Tax (VAT) is the main type of indirect taxation in Venezuela.
It is a consumption tax that is applied throughout the process of production, distribution and marketing of goods and services, it is also applied to the importation of goods and services. Although certain goods and services are exempt from the tax.
VAT is borne by the final consumer as it is included in the price paid, the responsibility to charge it, collect it and pay it to the tax authority at each stage of the process falls on the company that makes the supply, that is, the sale.
A company will charge VAT (output tax) on its sales and will incur VAT (input tax) on its purchases (including VAT paid on importation). The difference between the output tax and the deductible input tax in each taxable period will be the amount of VAT to be paid by the company to the tax authority. When the input tax exceeds the output tax, it is transferred as a deductible tax credit from the next VAT amount to be paid.
Current rates of VAT are:
• Standard rate of 16% for most goods and services.
• Reduced rate of 8% for some goods and products for human consumption and animal consumption, and professional services provided to the public sector, and national passenger air transport.
• Zero-rated goods and services for export
• Zero-rated for the Sale of Hydrocarbons of Mixed Companies to PDVSA and Subsidiaries
• Additional rate of 15% for Luxury Consumer Goods
There is not a registration limit for the VAT, but all person or economic entity that who either makes or intends to make taxable supplies of goods or services in the course or furtherance of a business must has a tax ID.
This tax ID is individual and non-transferable for each person or economic entity, and must be used in each VAT return submitted to the tax authority.
It´s not required VAT registration limit who are not established in Venezuela, at least that own a permanent establishment or fixed base of business in the country.
There is not any specific legislation to tax non-resident supplies of electronically supplied/digital services to private consumers resident in your country
A non-established business who either makes or intends to make taxable supplies of goods or services inside country need a legal representative in order to register it as taxpayer
It’s required to submit VAT returns covering biweekly periods. Even, when there is no tax payable.
Yes, if VAT returns are not submitted on time, or the related tax is not paid by the due date, the tax authority can imposed penalty.
These penalties includes fine and default interest.
For specials taxpayer, a Withholding VAT statement must submit covering biweekly periods.
Yes, penalties can be applied for omissions of withholding tax returns, and penalties for non-compliance tax formalities (tax books, invoice issue, withholding vouchers, among others).
No, no can the VAT incurred by overseas businesses be claimed, even if they are registered in Venezuela.
A VAT invoice must show:
• an invoice number which is unique and sequential
• the seller's name and address
• the seller's Tax ID registration number
• the invoice date
• the customer's name and address
• the customer´s Tax ID registration number
• a description sufficient to identify the goods or services supplied to the customer
• the unit price
• the quantity of goods or the extent of the services
• any cash discount
• the VAT rate
• the total amount of invoice and VAT charged
• the total amount payable, excluding VAT
Not available.
Contact us
For further information on indirect tax in Venezuela please contact:
Carlos Díaz |
Gaudy Marval |
