Withholding Tax Code 

Definition

For generic information about withholding tax codes, see Defining Withholding Tax Codes.

Use

Whereas you use withholding tax types to define the different sorts of withholding tax – on professional services or real estate rental, for example – you use the tax codes to specify exactly what the tax rates are and any exemptions that apply.

In Venezuela, the rate of tax that you have to withhold depends on the status of your business partner. The different statuses are as follows:

·        Corporations resident in Venezuela

·        Corporations resident abroad

·        Persons resident in Venezuela

·        Persons resident abroad

Country Version Venezuela comes with sample withholding tax codes, which you can copy and adjust as required.