The Executive branch published Decree 3719 January 8, which stipulates that those institutions that carry out financial operations in the country, both in foreign currency and cryptocurrency, and that are subject to the payment of national taxes, must pay tax obligations in the same currency used in the operation. The regulation came into force that day.
The institutions will have to pay with the same foreign currency or cryptocurrency the taxes, the accessories of the operations and the penalties for noncompliance. In addition, the Superintendence of Tax Administration (SAT) will establish the regulations on the procedures for declaring and paying the corresponding taxes. In the case of tax recoveries or refunds, the corresponding amounts will be paid in Bolivares Soberanos (Bs.S), the national currency.
The Ministry of Economy and Finance and the Superintendence of Banking Sector Institutions (Sudeban) will be responsible for issuing the complementary rules that enable compliance with the decree.
Other initiatives aimed at the financial sector in recent weeks include increasing the minimum and maximum limits for credit card financing, increasing the legal reserve of private banks and strengthening controls on foreign currency trading operations.