VENEZUELA TO RAISE TAX ON PURCHASES IN FOREIGN CURRENCY

Highlights:

• Venezuela will impose an extra sales tax of 25% on the purchase of goods using foreign currency.
• The law will allow the government to levy a tax ranging between 5% and 25% above 16% value-added tax that already exists.
• The move has also approved by the Constituent Assembly.

Venezuela will levy an extra tax on the goods that are purchased using foreign curren....