| ...The
Embassy |
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yAbout
Venezuela
>
Business Opportunities >
Foreign Investments |
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In Venezuela,
several incentives have been established to allow international competitiveness
in more favorable conditions under the increasingly difficult task
of attracting foreign capital:
- The maximum rate of Income Tax
has been set to 34%
- Profits are tax-free
- Capital Gains Tax is 1%
- New investments in agriculture,
agro-industry, fishing, livestock and tourism benefit from a 20%
lowering in Income Tax.
- New investments in hydrocarbon
exploitation and related activities such as crude oil refining
and transportation enjoy an income tax reduction of 8%
- New investments in hydrocarbon
exploration, drilling and production installation, transport and
storage as well as secondary recovery and in gas exploitation,
conservation and storage benefit from an additional Income Tax
lowering by 4%.
- Works and public services concessionaire
companies governed by the Organic Concessions Law may be exonerated
from the Income Tax.
- Companies purchasing goods and
services for new investments in oil, mining and agro-industrial
projects may be exempt from paying Wholesale Tax for up to 5 years.
- Goods imports and sales made
in the Margarita (Nueva Esparta) and Paraguana (Falcon) free ports
are also exempt from the Wholesale Tax payment.
- Projects in agriculture, agroindustry,
environment, tourism, research and technical development, petrochemicals,
coal industry, timber and others may enter into a debt-for-investment
swap program. This program consists of buying Venezuelan external
debt bonds under their nominal value, which are later converted
into Bolivars and used as company capital
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