Consecomercio proposes seven economic reforms in Venezuela

Gustavo Valecillos, president of the National Council of Commerce and Services, Consecomercio, presented this Tuesday a proposal for changes for the sector, within the framework of the celebration of the 44th edition of the National Day of Commerce and Services, held in the Plaza Real Hall of the Eurobuilding Hotel, in Caracas.

Before the members of the organization, Valecillos read the proposal that encompasses seven aspects to be addressed by the national government to boost the economy.

The document, which was also sent to the Vice Presidency of the Republic, the Ministry of Commerce and the Seniat, establishes:

• Transition to a market economy: To this end, Consecomercio proposes that the prices of goods and services be exempt from regulations and be defined by the law of supply and demand.
• Reduce inflation: By reducing the fiscal deficit, inflation can be lowered. This would require a reduction in public spending by the State and a rational increase in tax collection.
• Labor reform to recover the purchasing power of workers: In this regard, it is urgent to adapt the current Labor Law (Lottt) to current times. The generation of a “real and appropriate” income for workers must be prioritized, with an increase in national productivity. Likewise, mechanisms that generate jobs in the private sector are necessary.
• Change in fiscal policy: It must be based on the “expansion of the tax base and the elimination of unnecessary taxes: which allows expanding the national tax base and bringing formality to all economic activities in the country.” The organization proposes to review the legal framework of the tax sector; considering that the people “who should not contribute to the State are the people who live exclusively on pensions and retirements.”
• Reactivation of bank credit: Especially aimed at consumption, according to the agency, to help Venezuelans recover purchasing power, which has been reduced by low salaries.
• Adjust the size of the State to that of the economy: The size of the state does not match the size of the economy, which currently maintains unsustainable expenses. “This State must be adapted to what can be paid for with the real income of the treasury and the companies under the control of the State must be returned to the private sector, so that they go from being a burden to being a source of taxes,” the document states.
• Restore the autonomy of the Central Bank: The entity must recover its essence and its powers, free of political-partisan influences. The Central Bank of Venezuela must once again be an autonomous and independent entity, with a monetary policy aimed at economic stability without inflation; to provide benefits to workers, employers and the Government.

M.Pino

With information from national media and social networks

(Reference image source: Unsplash+, in collaboration with Getty Images)

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