Companies / Venezuela
Venezuela Mobile Programme Nearing End
April 2008 | Industry NewsVenezuela Mobile (VM), the social programme that waives the VAT on certain vehicles is set to come to an end in June 2008 as the relevant tax rules expire. Although car sales have soared in the last couple of years on the back of increasing oil wealth, the loss of the programme is likely to hit lower-income buyers and car companies themselves which rely on it to give their sales targets an added boost. Sales under VM account for a decent amount of overall sales in the country's new car market and vehicle production levels have also benefited.
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