Nicolás Maduro, president of Venezuela, announced on Friday, July 12, during the National Council of Productive Economy, a decree for the immediate elimination of the Large Financial Transactions Tax (IGTF) in bolivars, a measure established in 2022.

Maduro indicated: “I sign the decree to eliminate 2 % of the IGTF, but we must increase efficiency in the collection of taxes that exist adapted to the need to produce more.”

Maduro anuncia eliminación del IGTF aunque sin concretar desde cuándo | El Interés | El Estímulo https://t.co/3ABfqRJ1cR

— El Estímulo (@elestimulo) July 13, 2024

According to the president, “the increase in tax collection above 160 % allows this decision to be made.”

During the event, he asked the National Economic Council to do more so that financing reaches medium and small producers; “so that it does not become a funnel of resources for a few.”

M.Pino

With information from national and international media and social networks

(Reference image source: Towfiqu barbhuiya in Unsplash)

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