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​Venezuela publishes new rules on tax payments for users of digital currencies

2019-01-10 09:21 am | Resource: News Section | No Views : 105

​Venezuela publishes new rules on tax payments for users of digital currencies The Government of Venezuela published the No. 6420 of its Official Gazette on 28 December last Monday, which contained Decree No. 3719, which refers to a set of new rules for tax payments for users of digital currencies, as explained by the site Bitcoin.com:
"The government of President Nicolas Maduro has issued a decree requiring taxpayers who carry out transactions in foreign currencies or digital currencies to pay their taxes in the same currency, not Bolivar."
The decree also states:
"The Venezuelan people are currently facing a fierce war being waged by internal and external factors, which is seeking the deterioration of the economy, which is why adequate measures must be adopted to ensure the strengthening of the current financial system."
He added that the Ministry of People's Authority for Economy and Finance of Venezuela is responsible for the implementation of the decree, which was in force, at the time of the press.
Article 1 of the decree states that Venezuelan taxpayers who carry out operations in crypto currencies or any foreign currency are authorized by law to determine and pay their tax obligations in foreign currency or crypto currency.
The decree contains two exemptions; transactions of securities traded on the stock exchange, and the export of goods and services carried out by public bodies or entities. The decree also stipulates that the amounts recovered from taxes for the issues prescribed in the decree will be in the national currency and not vice versa.
The Municipality of Maracaibo in Zulia state said it would use the national currency, Petro, to calculate business taxes, according to the bulletin. There was confusion among the population, and they thought it meant ordinary users who did not use digital currencies also pay their taxes in Petro.
Juan Carlos Martínez, a descendant of Cervicio de Descúntrado de Tsiristraçón de Triptria Sodemat, published in Necchia Dia, a local publication, stated that taxpayers would not be taxed by Petro users.
"We use the value of Petro as a reference unit to be able to determine the minimum tax, since the current economic unit decree is still stipulated in percentages of total income."
He pointed out that the national currency has two values, one as a hidden currency and another as a unit of account translated into 9000 Bolivar sovereign, which will be used in the current passport or salary procedures.
The decree also states that the payment of taxes will be implemented depending on the economic activity of each company or small enterprise, the newspaper quoted Martinez as saying:
"If someone has transactions in Petro, Bitcoin or another currency, they must declare their income according to the currency they manage."

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