Key Figures

Chief of State:
President Nicolás Maduro
Head of Government:
President Nicolás Maduro

Overview

Government Name:
Bolivarian Republic of Venezuela
Constitution:
Adopted: 1999; Replaced the 1961 version which was the longest serving constitution in Venezuelan history. It was also the first constitution approved by popular referendum in the country's history. Major changes to the government's structure and responsibilities are explained as well as a greater number of human rights being highlighted and guaranteed to all citizens of Venezuela.
Government Type:
Federal Republic
Bolivarian Republic of Venezuela Flag
Coat of Arms of Bolivarian Republic of Venezuela

Index of Economic Freedom

Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. Source: Heritage Foundation (2018)

Country Risk Rating

E
The highest-risk political and economic situation and the most difficult business environment. Corporate default is likely. Source: Coface (2018)

Government Branches

Main Powers Election Process Election Cycle 1
Executive

Chief of state and head of government.

Elected by plurality vote.

6 years

Judicial

Responsible for administering justice in the name of the republic and by authority of the law.

Appointed by the National Assembly.

12 years

Legislative

Power to name members of the Supreme Tribunal of Justice and consider legislation pertaining to particular sectors of national activity.

110 members are elected by majority vote, 52 members are elected by proportional representation, and 3 members are reserved for indigenous peoples.

5 years

Regional Trade Blocs

International Organization Participation [2]

Environmental Agreements [3]

Tax Information [2]

Tax Authority:
Ministry of Planning and Finance
Tax Name:
VAT

Sources:

  1. ElectionGuide http://www.electionguide.org/
  2. EY, http://www.ey.com
  3. CIA World Factbook, https://www.cia.gov/library/publications/the-world-factbook/
  4. U.S. Bilateral Relations Fact Sheets http://www.state.gov/r/pa/ei/bgn/