The National Constituent Assembly (ANC) approved on Tuesday a set of tax reform laws within the framework of the Recovery, Growth and Economic Prosperity Program, presented by the vice president for the Economic Area, Tareck El Aissami.
During the session held at the Federal Legislative Palace in Caracas, the Law on Reform of Value Added Tax (VAT), the Law Reforming Large Financial Transactions and the Law that establishes the Temporary Payment and Advance Payment Regime were approved. Value Added Tax and Income Tax (ISLR) for Passive Subjects Qualified as Special, which will be effective as of September 1, 2018.
The president of the Plenipotentiary Power, Diosdado Cabello, stressed that the National Government assumed the economic counterattack on August 20 and these actions are for all Venezuelans and Venezuelans.
He explained the need for these reforms to be approved immediately and added that if they need to be adjusted or revised, they will be discussed and changed if necessary.
These proposals for tax reforms are part of the Recovery, Growth and Economic Prosperity Program that the National Government started this August 20 with the monetary reconversion.