IGTF will exempt cryptocurrency operations

The Tax on Large Transactions in Venezuela will not be applicable to cryptocurrencies, according to Decree No. 4,784

Decree No. 4,784 was recently published, which exempts cryptocurrency purchase/sale operations, such as Bitcoin, and payments made with these assets for goods and services within Venezuelan territory from the payment of the Tax on Large Financial Transactions (IGTF).

This measure also applies to remittances sent from abroad through authorized institutions using cryptocurrencies or other assets other than the Petro, which means that the beneficiaries will not be subject to tax. The duration of this provision will be one year from the date of publication in the Official Gazette number 42,575.

In addition, exchange operations carried out by natural and legal persons will also be exempt from the tax, according to this new provision. However, the “special taxpayers” designated by the Tax Code of the oil nation will not benefit from the rule and must contribute the respective rate, which ranges between 2% and 20%, depending on the type of operation carried out. and specified in the Official Gazette No. 6,687.

The IGTF exemption on cryptocurrency transactions is an important step to promote the adoption of these currencies in the country, which may have an impact on the cryptocurrency market in Venezuela.

K. Tovar

Source: Descifrado

(Reference image source: file)

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