Like other countries, Venezuela is also facing dwindling confidence of its citizens in its domestic currency and is seeing a huge number of people choosing cryptocurrency or foreign currency to save their income. Owing to such a situation, the government introduced a tax regime in 2022, making cryptocurrency and other foreign currency transactions taxable. Crypto tax in Venezuela, now, lies between 2% to 20% varying upon the nature of the taxpayer, transactions etc.
Venezuela is also regarded as one of the most crypto friendly countries with its own government issues crypto token and third largest crypto adoption rates globally.
Do you have to pay crypto tax in Venezuela?
Yes, under the “large financial transactions ” tax, transactions in crypto and foreign currencies are taxable in Venezuela.
When do you have to pay tax on crypto in Venezuela?
Whenever any transaction or payment is made through cryptocurrency, you will have to tax it.
What crypto transactions are taxable in Venezuela?
Payments in crypto are taxable in Venezuels.
What are the Crypto Tax Rates in Venezuela?
While the tax rates under the law varies between 2% to 20%, a constant rate of 3% is levied until and unless the law is officially published with bifurcated tax brackets and categorisation of transactions.
| PAYER | TRANSACTION | TAX RATE (%) |
| SPECIAL TAXPAYER | Payments made in currencies other than legal tender | 3 |
| Payments made to Special Taxpayers in currencies other than legal tender without any intermediate financial institution. | 3 | |
| NOT SPECIAL TAXPAYER | Payments made in currencies other than legal tender | 3 |
| Payments made to Special Taxpayers in currencies other than legal tender without any intermediate financial institution | 3 |
Venezuela Income Tax Brackets (2023)
| Range of taxable income in tax units (TU) | Tax rate (%) | |
| Over | Not over | |
| 0 | 1,000 | 6 |
| 1,000 | 1,500 | 9 |
| 1,500 | 2,000 | 12 |
| 2,000 | 2,500 | 16 |
| 2,500 | 3,000 | 20 |
| 3,000 | 4,000 | 24 |
| 4,000 | 6,000 | 29 |
| 6,000 | 34 |
Venezuela Capital Gain Tax Rates (2023)
There are no taxes on Capital Gains in Venezuela, except for a 1% flat rate on gain from sale of stocks.
Crypto Tax in Venezuela – FAQs
Do you have to pay tax when you buy crypto in Venezuela?
No, you don’t have to pay taxes when you buy crypto in Venezuela.
Do you have to pay tax when you sell crypto in Venezuela?
While sale of goods and services are subject to VAT, cryptocurrency is not treated as such in Venezuela. Therefore, it is unclear whether selling crypto would be taxable or not.
Do you have to pay tax when transferring crypto in Venezuela?
No, you don’t have to pay taxes when you transfer crypto in Venezuela.
Do you have to pay tax when spending crypto in Venezuela?
Yes, payments in crypto are taxable in Venezuela.
Market Research Intern, Octaloop
Maitreyee takes a keen interest in financial technologies and their potential to transform lives at the grassroots. Put together with her penchant for Economic Research, she brings tonnes of academic and actionable insight into our products. Maitreyee is contributing at Binamite as a Market Research Intern, and when she's not doing that, you can find her exploring the city or buried in a book.