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Venezuela Introduces Increased Corporate Tax Rate for Financial Sector and Eliminates Investment Incentives

|Approved Changes|Venezuela
Venezuela

On 30 December 2015, Venezuela enacted and published Presidential Decree No. 2,163, which makes amendments to the country's income tax law. One of the main amendments is the introduction of a 40% flat corporate income tax on Venezuelan resident taxpayers engaged in banking, financial or insurance activities. Normal corporate tax rates, which are levied progressively (15%, 22%, 34%), are unchang…

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