A new modification to the controversial decree aimed at the Tax on Large Financial Transactions (IGTF) in Venezuela Approved at the beginning of February, it has allowed cryptocurrency users in this Latin American country to see the light at the end of the tunnel.
According to Decree No. 4,784 published on February 23, 2023, the new provisions on the IGTF will allow the purchase/sale of cryptocurrencies such as Bitcoin to be exempted from paying this tax.as well as the payments made with these assets for goods and services within the Venezuelan territory.
The measure will also allow remittances sent from abroad, through institutions authorized for this purpose through cryptocurrencies or assets other than the Petro, will avoid generating a tax burden for the beneficiaries.
The decree is valid for one year. as of the date of publication in the Official Gazette number 42,575 dated February 23, 2023.
The measure also allows foreign exchange operations carried out by individuals and legal entities to avoid paying the controversial tax.
However, the decree specifies that the ‘special passive subjects’, a type of special taxpayer determined by the Tax Code of the oil nation, will not be benefited by the norm and, therefore, must contribute with the respective aliquot that ranges between 2% and 20%; according to the type of operation carried out and specified in the Official Gazette No. 6,687 of the tax approved in the National Assembly at the beginning of last February.
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