The president of the Bolivarian Republic of Venezuela, Nicolás Maduro, signed a decree this Friday to eliminate the collection of the Large Financial Transactions Tax (IGTF), which was applied to operations in foreign currency:
“I am signing the decree to eliminate, ipso facto, the 2% of the IGTF. We are already in a position to do so and what needs to be increased is the efficiency in the collection of other taxes that already exist,” he said while repealing this tax in response to the request presented by businessmen in the country.
In this sense, he called on the National Integrated Customs and Tax Administration Service (SENIAT) to increase efficiency in the collection of other taxes that exist, adapted to the need to produce more.
Likewise, the Head of State congratulated the work carried out in the first half of 2024, in which an increase in collection of 105% was achieved compared to the same period in the previous year, reaching the figure of 5,468 million dollars.
“This means that we are going to exceed the goal that I set for them to grow, this year, 100% in tax collection,” he highlighted during his participation in the inauguration of the National Convention Center, presentation of Expomarca and in the National Council of Productive Economy.