Maduro eliminates the 2% IGTF on transactions in bolivars

Nicolás Maduro signed a decree this Friday to eliminate the tax on large financial transactions (IGTF) in bolivarswhich is 2%. The IGTF for foreign exchange transactions remains at 3%.

“I am signing the decree to eliminate the 2% of the IGTF immediately. We are in a position to do so,” said the official during the National Economic Council.

He added that it is necessary increase the efficiency in the collection of existing taxes.

He announced the imminent approval of a law to facilitate non-oil exports.

“I ask the National Assembly, Deputy Jorge Rodríguez, if possible, to put it on the agenda on Tuesday and we, next Thursday, will be able to sign and implement the law on facilitating non-oil imports,” he said.

#EnVideo📹| Head of State, @NicolasMaduro signed the decree to eliminate the 2% Tax on Large Financial Transactions (IGTF). He noted that the efficiency of collecting existing taxes must be increased.#PoetryUnitesUs pic.twitter.com/zCo5oRDwoz

— VTV CHANNEL 8 (@VTVcanal8) July 12, 2024

The Large Financial Transactions Tax Law (IGTF) It was approved in 2022 in the National AssemblyThe tax was aimed at all types of transactions from the private sector and natural persons who paid with a currency alternate to the bolivar.

Conindustria asked to eliminate the IGTF

Luigi Pisella, president of the Venezuelan Confederation of Industrialists (Condustry), said on February 24 that it was necessary to eliminate the tax on large transactions (IGTF) because that rate made national production less competitive compared to imported products.

“What is happening with these excessive fiscal and parafiscal taxes? They reduce our competitiveness. We have said that in the case of the IGTF, which we still maintain, It is a tax that affects national production, which in the case of bolivarsthat we have requested that the IGTF in bolivars be eliminated, which is 2%, but that in the end, following you add it up throughout the production chain, it affects you by 12%, increases the price and competes, not fairly, with imported products. It is a tax that should be eliminated because it affects national production,” Pisella explained during an interview with Union Radio.