Another six months of tax benefits in Venezuela

The government decided to expand tax benefits for dollar stores. Here we tell you what you should know

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People using computers and reviewing documents. / Photo: Unsplash - Reference Image

LatinAmerican Post | Marcela Peñaloza

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Leer en español: Otros seis meses de beneficios tributarios en Venezuela

According to Reuters, until June 2020, stores known locally as 'bodegones' will enjoy six more months of tax benefits. The measure exempts these businesses from paying value-added taxes, importation and customs fees on products such as meat, milk, wheat, oats, among others.

'Bodegones' receive payments in different currencies such as the dollar and have become popular since it is possible to get food and hygiene products. The customs exemption was a measure that benefited the still lifes in 2019 and led to the importation of different items, including soap and diapers.

“The government chose to reduce controls and favor the purchase of private firms abroad of food and other goods, once the sanctions imposed by Washington make it difficult for public entities to import and local industries continue to produce at a minimum due to the declining demand that caused the first hyperinflation of the oil nation,” explains Reuters.

What comes for Venezuela in 2020?

On his Twitter account, Nicolás Maduro acknowledged that 2019 was a year of hard battles. The president wrote in his account that 2020 “will be a year to consolidate projects, face challenges and achieve the stability we deserve. I invite you all to change Together to Venezuela, let's raise it as a luminous legacy for future generations. ”

Also read: 10 years and 10 facts in Latin America

Additionally, in an interview conducted by Ignacio Ramonet, Maduro announced that social investment for 2020 will rise by 76%.

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