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Venezuela Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
31,304,016 (July 2017 est.)
GDP (PPP)
$380.7 billion (2017 est.)

Sharp contraction from previous levels

GDP growth rate
-14% (2017 est.)

Almost same contraction in 2016

GDP (PPP) per capita
$12,100 (2017 est.)

Low

Local currency
Bolivar (VEB)

Dramatically devalued since 2013 (more than 500 times)

Financial stability (Public debt)
34.9% of GDP (2017 est.)

Considering the state of the currency, the data does not tell much about the State's public finances which are in fact in dire straits

Inflation
1,087.5% (2017 est.)

Hyperinflation

Language
Spanish

Corruption perception index (Source: Transparency International)
169/180

Very high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT

12%
Corporate Tax

15-34% standard rate 50% flat rate for oil-related activities
Duties

In general, import tariffs are 5% for capital goods, 10% to 15% for raw materials and intermediate goods, and 15% to 35% for finished products

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