Resident individuals in Venezuela will pay taxes on their income of any origin. Non-resident individuals will be subject to tax on the earnings that are caused or originated in Venezuela, although they do not have permanent establishment or a fixed base in the country.
Resident individuals will pay taxes on their total net income from any source based on a progressive tax rate, which ranges from 6 percent to 34 percent. Local income received by a non-resident will be subject to a flat tax rate of 34 percent. Residents may take advantage of certain tax deductions and credits provided by Venezuelan Tax Law, as well as foreign tax credits; however non-residents individuals are not entitled to these deductions.
The official currency of Venezuela is the Venezuela Bolivares Fuertes (VEF).
Herein, the host country refers to the country where the expatriate is going on assignment. The home country refers to the country where the expatriate lives when he/she is not on assignment.