Venezuela's tax administration (SENIAT) has announced that from 27 September 2017, the standard value added tax (VAT) rate on purchases made electronically will be reduced by 3% or 5% (standard rate is 12%). The 3% reduction applies for purchases of goods and services made by natural or legal persons up to VEF 2 million and the 5% reduction applies for purchases over that amount. The payment must be made exclusively through electronic means, such as credit card, debit card, bank transfer, et…