Venezuelan President Nicolas Maduro opening a session of the National Council of Productive Economy in Caracas on Friday, July 12, 2024. Photo: X/@PresidencialVen.
During a National Council of Productive Economy session, Venezuelan President Nicolás Maduro repealed the 2% tax on large financial transactions (IGTF) that was applied to foreign currency transactions. He also asked the Venezuelan tax and revenue agency SENIAT to increase its efficiency in collecting other existing taxes.
“I am signing the decree to eliminate ipso facto the 2% IGTF tax. We are already in a position to do so, and we need to increase the efficiency of the collection of other taxes that already exist, adapted to the need to produce more. We need to raise internal taxes and increase the efficiency in the collection of taxes that exist,” he said this Friday, July 12.
Since March 28, 2022, the IGTF has been implemented in Venezuela with the aim of increasing state revenue, promoting the use of bolívars in the country, and pushing the currency exchange rate to appreciate the value of the bolívar.
#EnVivo 📹 | Presidente @NicolasMaduro asiste a la Jornada de trabajo del Consejo Nacional de Economía Productiva.https://t.co/iMOwVR6cmO
— Prensa Presidencial (@PresidencialVen) July 12, 2024
In addition to making this decision on the IGTF, President Maduro explained that a special system has been proposed for the strategic and selective substitution of imports. “We have built a miracle, a stable and robust exchange system that is not dependent on oil revenues,” he added about the strength shown in recent years by the Venezuelan foreign exchange rate system.
President Maduro also said there has been a sustained and gradual increase in consumption “with national production.” He thanked the businesspeople for their awareness and for being part of the recently created fund of economic contribution for retirees.
Venezuela’s Tax on Foreign Currency Transactions Starts Monday
Finally, the president congratulated the National Integrated Customs and Tax Administration Service (SENIAT) for this semester’s tax collection, which grew 105% compared to the first semester of last year. “Reaching the figure of $5.468 billion means that we will exceed the goal that I set of growing 100% this year. In June, it was over 164%,” the president added.
President Maduro also called for progress in building a diversified economic model that is integrated into all its mechanisms and potentialities to create a powerful internal market that can be supplied with national production. “Let no one ever believe that the International Monetary Fund’s decades-long failed formula is an alternative for Venezuela or any other place in the world,” he added.
(RedRadioVE) by Victoria Torres with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/SF
