Venezuela Moves Towards Economic Reopening
27 mayo 2020

Venezuelan President Nicolas Maduro announced on May 27 that he is working with the private sector on a plan to relax the lockdown restrictions. Although he did not specify the measures to be taken or the different stages of the economic reopening, private sector representatives said there could be changes in the calculation of VAT. The plan would be launched on Monday, June 1, so news on the measures to be implemented is to be expected in the next few days.

“People’s jobs are our top priority, so we must be prepared to live in the new normal,” Maduro said. Meanwhile, the president of the National Trade and Services Council (Consecomercio, in Spanish) Felipe Capozzolo explained that the possibility of modifying VAT calculations and establishing fortnightly rather than weekly payments was discussed in meetings with the government. “We would like these changes to apply to Income Tax (ISLR, for its acronym in Spanish) as well,” Capozzolo said.