On 17 August 2018, Venezuela published Decree No. 3.584 in the Official Gazette. The Decree provides for an increase in the standard value added tax (VAT) rate from 12% to 16%, effective from 1 September 2018 through 2019. The increase is part of a package of tax measures announced by the president on 17 August that also includes advance income tax payments at a rate of 0.5% to 2% on a monthly basis, the amendment of the tax on large financial transactions with a rate of up to 2% (except fo…