ANC Approves Constitutional Decrees to Strengthen the Economy

January 29, 2020 – The National Constituent Assembly (ANC) approved several constitutional decrees on Wednesday to strengthen the Venezuelan economy and clean up the onslaught of the commercial and financial war imposed by the United States regime.

During a session held on Wednesday, January 29 at the Federal Legislative Palace, located in Caracas, the constituents approved the Constitutional Decree that Creates the National Single Productive Credit Portfolio, the Draft Constitutional Decree for the Organic Tax Code, a Constitutional Decree is issued for the Partial Reform of the Decree establishing the Value Added Tax and the Draft Constitutional Decree Reforming the Customs Law.

The president of the Plenipotentiary Power, Diosdado Cabello, reiterated that the ANC will support the people and the national executive in all decisions that are in favor of the integral development of the country.

On the other hand, Andrés Eloy Méndez , president of the Economic Commission in the ANC, briefly explained the changes proposed in each decree:

Organic Tax Code :

  • Shorten the maximum duration of tax exemptions: before they were 5 years, now it will be for 1 year and they will be approved or extended annually in accordance with the Budget and Income Act
  • Tax exemptions will cease to be an isolated process, now a single annual decree called the General Decree of National Tax Exemptions will be issued
  • All fines and collections values are indexed to the currency of the highest value published by the Central Bank of Venezuela, ie the Euro.
  • The decree includes a penal sanctioning chapter: 5 and 12 year of prison and accessory precautionary measures ranging from bank account immobilization and any other assets.

National Single Productive Credit Portfolio:

  • As of its publication, the other credit portfolios disappear.
  • A committee is created that will be in charge of the direction of the credits, the registry of the beneficiaries, the interest rates and a committee of monitoring and evaluation of the production that has been impacted by the productive loans

Decree with Rank Value and Organic Strength of Customs

  • Creates a committee for customs policies and foreign trade.
  • This committee will expedite the review of each tariff.

Source URL: Aporrea

Translated by JRE/EF