Friday, March 24, 2023

The Venezuelan government exempts the operations of Bitcoin (BTC) and other cryptocurrencies from the payment of the tax on large financial transactions (IGTF)

A new modification of the controversial decree that approved the tax on Large Financial Transactions (IGTF) in Venezuela at the beginning of February allowed cryptocurrency users in this Latin American country to see the light at the end of the tunnel.

According to Decree No. 4,784 issued on February 23, 2023, new provisions in the IGTF will allow the purchase and sale of crypto-currencies such as Bitcoin, as well as payments made with these assets for goods and services in Venezuelan territory.

The measure will also allow remittances sent abroad by institutions for this purpose through cryptocurrencies or other entities other than Petro allowing to generate a tax burden for the beneficiaries.

The decree is valid for one year from the date of publication in the Official Gazette, number 42,575, dated February 23, 2023.

The measure also allows foreign exchange operations to be carried out by individuals and legal entities without paying the disputed tax.

However, the decree specifies that “special taxpayers”, a type of special tax determined by the Tax Code of the nation’s oil, should not benefit from the norm, and therefore should be contributed with the respective one that ranges between 2% and 20%; according to the type of operation carried out and specified in Official Gazette No. 6,687 of the tax approved by the National Assembly at the beginning of last February.

The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here is not intended to be used as financial advice or investment recommendations. All investment and commercial moves involve risks and it is the responsibility of each person to do their own research before making an investment decision.

Research into crypto assets is not regulated. They may be eligible for sales and all the money invested will be lost. The services or products offered are not directed at or accessible to investors in Spain.

Nation World News Desk
Nation World News Desk
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