Venezuelans disapprove of new foreign currency tax

14 May 2022
2022-05-14 08:55

After several years of rampant flow of U.S. dollars in Venezuela, the government established a new tax of 3% for all transactions in foreign and digital currencies in an attempt to incentivize the use of the ailing national currency.

Three months after the tax was passed, many businesses complain the measure is a setback to the recent stabilization in the price of the dollar and the decrease in inflation after years of severe hyperinflation, the highest in the world.

An Economist Oliveros explained the new tax may even slow down the momentum of the growth of economy because the tax is intended to affect mainly small businesses.

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