2 November 2024
Venezuelan Government Planning To Collect Taxes In Crypto
The Bolivarian Council of Mayors has signed the “National Tax Harmonization Agreement” that will lead the Venezuelans to pay taxes in Petro, the state’s digital currency.
Delcy Rodríguez, the country's vice president is conducting a campaign and also implanting new information exchange and monitoring systems for companies to pay taxes in crypto.
Rodríguez said, “it is the simplification of procedures, making the State’s administrative activity at the service of the people more efficient, of the economic sectors that stimulate economic activity in the productive and commercial areas.”
As per the official announcement, out of the total 335 municipality representatives, 305 mayors of the United Socialist Party of Venezuela (PSUV), are supporting the new tax collection mechanism, while the others are still want to collect taxes in fiat.
The non-PSUV mayors are giving the reason for lack of technology infrastructure to process Petro payments.
In the last few years, Venezuela is going through economic distress due to hyperinflation. To handle the situation, Nicolas Maduro-government introduced an oil-backed digital currency, Petro, when the crypto market was at its peak.
The introduction of Petro has to lead the Venezuelan government in pushing the usage of the state crypto. The country has started accepting payments for the passport in Petro while oil companies are also seeking payments in the crypto.
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