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

Government Control of Economy

34.336 Scale ranks countries on a basis of 1-100, with 100 representing the greatest amount of economic autonomy from government intervention.
Source: Heritage Foundation, http://www.heritage.org/index/heatmap (2015)

Country Risk Rating

E The highest-risk political and economic situation and the most difficult business environment. Corporate default is likely.
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

International Relations

Foreign Policy Trends: Former President Chavez promoted his "Bolivarian Revolution" as a model for other countries to follow. The policy calls for the establishment of a "multi-polar" world, the end of alleged U.S. hegemony, and greater integration among developing countries. Venezuela supports regional integration through its PetroCaribe and PetroSur petroleum initiatives, the further institutionalization of the South American Community of Nations (UNASUR), the establishment of a new Community of Latin American and Caribbean States (CELAC), and the Bolivarian Alliance for the Americas (ALBA, a political, economic, and social integration project proposed by President Chavez as an alternative to the Free Trade Area of the Americas). The Venezuelans have also embarked on a worldwide effort to increase their presence in embassies overseas in Africa and Asia and strengthen economic, political, and military ties with Russia and China.

Regional Trade Blocs: MERCOSUR

Treaties: South American Defense Council


International Organization Participation  Source: CIA World Factbook

Caricom CD CDB CELAC FAO G-15
G-24 G-77 IADB IAEA IBRD ICAO
ICC ICCt ICRM IDA IFAD IFC
IFRCS IHO ILO IMF IMO IMSO
Interpol IOC IOM IPU ITSO ITU
ITUC LAES LAIA LAS Mercosur MIGA
NAM OAS OPANAL OPCW OPEC PCA
Petrocaribe UN UNASUR UNCTAD UNESCO UNHCR
UNIDO Union Latina UNWTO UPU WCO WFTU
WHO WIPO WMO WTO

Note: Click table to see details


Environmental Agreements  Source: CIA World Factbook

Antarctic Treaty Biodiversity Climate Change Climate Change-Kyoto Protocol Desertification Endangered Species
Hazardous Wastes Marine Life Conservation Ozone Layer Protection Ship Pollution Wetlands

Note: Click table to see details


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

CIA World Factbook open_in_new and U.S. Bilateral Relations Fact Sheets open_in_new except where stated otherwise.