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The Venezuelan government has published a new decree introducing the taxation for operations with cryptocurrency and foreign currency in its official newspaper on Monday 7 January.
Decree n. 3,719, published in the official Gaceta edition n. 6.420, is accompanied by another decree that explains the regulatory framework underlying the new rules, introduced among what the daily describes as the state of economic emergency.
As Cointelegraph says in the Spanish notes, all citizens who deal with cryptocurrencies or foreign legal currencies are now obliged to declare their income and pay taxes in the same currency in which they operated, and not in the sovereign bolivar, the national currency of Venezuela . The latter suffered severe hyperinflation for months since its launch in August 2018.
According to Gaceta Oficial, tax exemptions are foreseen for all transactions with securities on the Caracas Exchange and for the export of goods and services negotiated by institutions or public bodies.
The exact encryption rates have not yet been specified. The decree establishes that the Venezuelan tax and customs regulator (SENIAT) will soon provide guidelines, describing how to report and pay fiat and encrypted taxes.
In turn, the regulator of the local banking sector (SUDEBAN) will create a regulatory framework for the country's banks and other financial institutions so that they can comply with the new decree.
Although the regulatory framework for the new tax has not yet been fully defined, the document published in the government newspaper has already entered into force and sanctions have been announced for not respecting it. The Ministry of Venezuelan Economics and Finance is designated as responsible for the implementation of the decree.
As reported by the Venezuelan media Runrun, some municipalities in the country, such as Vargas and Maracaibo, have already said that the national cryptocurrency Petro, which is actively promoted by the government of President Nicolas Maduro, will be used as a unit of account for encryption.
On January 8, Jean Carlos Martinez, secretary of Venezuela's tax administration service (SEDEMAT), told the local Noticias del Dia outlet that the new taxes will not be collected at Petro, but the state-owned cryptocurrency it will be used to define the minimum tax. He also pointed out that Petro has two exchange rates, one against the US dollar, and another as a national unit of 9,000 bolivars.
As Cointelegraph wrote last August, Petro is now used as a unit of account in the country, with the wages and prices of goods and services related to the national cryptocurrency supported by oil.
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