On February 23 of this year, the Venezuelan government published new provisions on the Tax on Large Financial Transactions (IGTF), in which it declined to charge more taxes to users of Bitcoin and other cryptocurrencies other than the Petro in its territory.
For this reason, Paulette Nunes, Venezuelan lawyer, spoke about this exemption, and pointed out that it is a measure that favors cryptocurrencies since “It is a way to encourage payments” through this medium in Venezuela.
According to the lawyer, through an interview in the Venezuelan communication medium Unión Radio, This exoneration decree, by the Venezuelan State, is facilitating and favoring transactions in cryptocurrencies, in his opinion, a valid and viable payment mechanism.
However, He stressed that this exoneration has a limitation and it was the person to whom the payment was made: “We have the exoneration, but we have a limitation to which we still have to pay attention, how the tax administration is going to handle the case”he pointed.
On the other hand, it also clarified that the exemption will be extended for one year, but that it did not come into force for special taxpayers, also known as special taxpayers.
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