Venezuela: Taxes For Crypto Only In Crypto
Venezuela’s government published a new decree that obliges all crypto investors to pay taxes in digital currencies.
Supposedly, this change will help to strengthen Venezuelan economy, which has been struggling with crisis for months.
On the roll of introducing many new regulations to save the struggling economy, The Venezuelan government now has decided to take another step. In the Venezuelan Gaceta Oficial Extraordinaria it was announced that from now on, empresses or individual investors that operate in cryptocurrencies will also have to pay taxes for those operations in a digital asset. Similarly, if someone uses foreign money, they pay the tax in said currency.
Desperate times call for desperate measures
The new tax payment rules are supposed to help the economy. In recent months, many actions have been taken to make sure that the crisis is behind Venezuela. After introducing Petro as a new national cryptocurrency, the government decided to make it the only way of passport fee payment. Apparently, all the previous solutions haven’t quite worked and Venezuela started the new year with the new regulation.
The deciding decree
The decree number 3.719 states: by means of which the passive subjects those who carry out operations in a foreign currency or cryptocurrencies authorized by law have to adequately determine and pay the obligations in the foreign currency or cryptocurrency.
The part about the currency and operations having to be consistent with the law is made very clear. Venezuela, along with the economic crisis, still fights the criminality. Let’s hope that this decree will help the country to finally get on its feet.
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