As Venezuela Plans to Collect Taxes in Crypto, Will the collection of Taxes via Crypto Become a Thing?
Just recently, the Council of Mayors in the Bolivarian Republic of Venezuela endorsed the National Tax Harmonization Agreement for about 305 cities in the country. They incorporated Petro (PTR) as a method of collecting levies and taxes.
It appears that the Venezuelan government is putting plans in place to collect taxes via the use of cryptocurrencies as the digital asset is progressively gaining mainstream adoption. The government has disclosed that the Vice President of Venezuela, Delcy Rodriguez will be supervising the execution of a sole records office of tax payers through a virtual consultation tool. She will also be at the helm of implementing an information exchange and supervisory system for companies to register payments done with the use of cryptocurrencies.
Currently Venezuela has 335 mayors, and about 91% of them are under the directive of the United Specialist Party of Venezuela, PSUV. No more than 30 mayors are directed by the rivals of the regime of Nicholas Maduro. The so called Rivals of Maduro-backed municipal government are still collecting levies and taxes via Venezuela’s legal tender dubbed Bolivar. This is because some of them lack the much needed technology to run Petro payments.
Delcy Rodriguez revealed that:
“ It is the simplification of procedures, making the State’s administrative activity at the service of the people more efficient, of the economic sectors that stimulate economic activity in the productive and commercial areas, framed in this week of flexibility that began on Monday.”
Prior to this time, the government had highlighted on the 11th of June that a significant 15% of all fuel payments made at petrol stations in Venezuela were paid for using the token labelled Petro (PTR). This surge is as a result of the state promoting the mainstream adoption of the token.
This revolutionary step appears to be highly disruptive in the Government and Tax Sector as it may engineer newer developments like the mainstream taxation of cryptos and other financial implications. We would like to know what you think in the comments, with the new developments, do you think that the collection of taxes via Crypto and the mainstream taxation of crypto will become a thing?
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