Venezuela's tax administration (SENIAT) has announced that from 27 September 2017, the standard value added tax (VAT) rate on purchases made electronically will be reduced by 3% or 5% (standard rate is 12%). The 3% reduction applies for purchases of goods and services made by natural or legal persons up to VEF 2 million and the 5% reduction applies for purchases over that amount. The payment must be made exclusively through electronic means, such as credit card, debit card, bank transfer, etc. If any portion of the payment is made through non-electronic means, the standard rate will apply for the...