FILE PHOTO: Venezuela's Vice President Delcy Rodriguez addresses the 74th session of the United Nations General Assembly at U.N. headquarters in New York City, New York, U.S., September 27, 2019.
REUTERS/Eduardo Munoz/File PhotoCARACAS (Reuters) - Venezuela said on Wednesday it will tax hard-currency transactions between clients of the same bank, an effort by President Nicolas Maduro’s government to boost tax revenue amid a broader economic liberalization.
Since last year, banks have been saving cash dollars in vaults and allowing for transactions between clients of the same institution, a service limited to firms with significant revenue and long-standing accounts.
“Foreign currency transactions within (a financial) entity will pay a transaction tax,” Delcy Rodriguez, who is vice president and finance minister, tweeted early on Wednesday.
“For this purpose, the respective law will be reformed.”She added that the tax would be set at a rate higher than the existing tax on large-volume operations in bolivars, without providing further details.
Delcy Rodriguez, Eduardo Munoz, Nicolas Maduro’s, ” Delcy Rodriguez
United Nations General Assembly, REUTERS
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