Conindustria: elimination of the IGTF favors economic growth

Luigi Pisella, president of Conindustria, explained that the elimination of the tax will bring greater profitability to companies and paves the way to improve purchasing power

For the Venezuelan Confederation of Industrialists (Conindustria), the reduction to zero of the Large Financial Transactions Tax (IGTF) in bolivars, announced by the National Executive last Friday, It will contribute to the economic growth panorama that the country is experiencing.

This was expressed by the president of the aforementioned business organization, Luigi Pisella, in an interview with VTV, where he explained that the measure paves the way to improve purchasing power by leveraging national production and will bring greater profitability to companies.

In that sense, Pisella recalled that three years ago the board of directors of Conindustria began to dialogue and talk with government authorities on issues to boost the economy and increase employment. “Today we are in better times and all Venezuelans have to fight to make this much better.”

On July 12, President Nicolás Maduro signed the decree to eliminate the IGTF, in response to the request presented by businessmen in the country. He assured that the country is already in a position to do so.

This rate was subject to special taxpayers, mostly companies, to pay 2% of their operations to the National Integrated Customs and Tax Administration Service (Seniat).

On the other hand, the president of Conindustria called for the responsibility that Venezuelans have on June 28, to exercise the right to vote. “I call on all people to participate this July 28, go vote, because together we all have that responsibility with the country.”