Venezuelan government declares 60-day economic emergency

Venezuelan President Nicolás Maduro issued a 60-day economic emergency decree covering 10 key areas.

The president detailed the key points of this measure, which also includes the suspension of the constitutional guarantee of legal reserves in economic, financial, and monetary matters.

Emergency measures

1. Exceptional and temporary regulations that are necessary to restore economic balance and protect the rights of the population.
2. General suspension of the application and collection of national, state, and municipal taxes, as well as related administrative procedures, in order to protect the national productive apparatus.
3. Concentrate the collection of taxes and special contributions created by law in the National Treasury and redirect available resources from all existing funds as of today’s decree, this Tuesday, April 8.
4. Establish extraordinary mechanisms to combat tax evasion and avoidance.
5. Suspend the application of national tax exemptions and proceed with their collection.
6. Establish mandatory mechanisms and percentages for the purchase of national production to promote import substitution.
7. Adopt all necessary measures to stimulate national and international investment “for the benefit of the development of the productive apparatus, as well as the export of non-traditional products as a mechanism for generating new sources of employment, foreign currency, and income.”
8. Authorize contracts that are necessary to guarantee the restoration of the population’s fundamental rights.
9. Authorize expenditures from the National Treasury and other sources of financing not provided for in the annual budget.
10. Issue regulations that, exceptionally and without any obligation to any other public authority, authorize public credit operations, their rescheduling, and supplements not provided for in the Special Debt Law, as well as those that allow for an increase in the maximum amounts of debt that the Republic may incur.

M.Pino

Source: bancaynegocios

(Reference image source: Jakub Żerdzicki en Unsplash)

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