Venezuelans will now be subject to an up to 20% tax on cryptocurrency transactions after the approval of a new tax bill. The tax bill will target financial transactions made in digital currencies such as Bitcoin and foreign currencies.
Venezuelans government approves an up to 20% tax on BTC
On Thursday, the Venezuelan National Assembly held a second discussion on a new draft bill seeking to introduce taxes in the cryptocurrency industry. The bill targets “large financial transactions” made in cryptocurrencies and foreign currencies such as the US dollar.
A tax of up to 20% will be charged on local firms and individuals that operate in the sector. The draft bill was first filed on January 20. The tax collected during these transactions ranges between 2% and 20%. This tax will apply to all the transactions done in other forms of currency other than the Venezuelan bolivar and the country’s oil-backed cryptocurrency, El Petro.
