How the elimination of the IGTF in bolivars will benefit the pocket

President Nicolás Maduro announced this Friday the elimination of the Tax on Large Financial Transactions, IGTF in bolivars, in this regard the Federation of Chambers and Companies of Venezuela (Fedeindustria), indicated several benefits that this might bring to the national economy

First, consider that the elimination of the IGTF in bolivars will stimulate the use of the national currency and reduce costs for companies.

The president of the union, Orlando Camacho, indicated during an event reported by Unión Radio that the proposals of the businessmen were heard by the executive.

Reduction of IGTF will impact consumer prices

In this regard, he commented that this repeal of the 2% IGTF “will allow the use of the bolivar more quickly, more consistently, encourages the use of the bolivar and also reduces the cost to companies.”

The measure will also have an impact on the productive sector. “It allows products to gradually have a clear reduction in price or provide companies with greater profitability.”

Daniel Betancourt, an expert in financial and administrative law, explained that it will also allow for greater cash flow and will also impact consumer prices.

He indicated that the IGTF is the third source of revenue in Venezuela, following VAT and ISLR, and noted that, with the decree of July 12, “tax relief will occur.”

With information from Union Radio and Banca y Negocios

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