Assembly approves in first discussion amendment to the tax on large financial transactions
20 enero 2022

VENEZUELA

On January 20, the National Assembly approved in first discussion the bill to reform the tax on large financial transactions. The regulation of the Executive Branch, of which the text is not available, will seek to apply a higher levy of the Large Financial Transactions Tax to those carried out in foreign currency or cryptocurrencies as compared to those carried out in bolivars. The regulation will be studied in the Economy and Finance Committee, which will issue a committee report for its study in second discussion by the Assembly’s precinct, prior to its presidential sanction.

The tax on large financial transactions applies to transactions or debits regardless of their amount, on:

  • Withdrawals, transfers or checks coming from accounts in banks or financial institutions. 
  • In the session or endorsement of checks, securities or negotiable instruments. 
  • Cancellation of debts without the participation of financial institutions

At the time of the unanimous approval of the first discussion of the regulation, the ruling party deputies agreed that the intention of the reform would be to benefit the increase of transactions in bolivars over those made with foreign currency or cryptocurrencies.

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