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Andean Group - July 2019

Economic Highlights

VENEZUELA | New taxes approved. On 2 July Venezuela’s national constituent assembly (ANC) approved a bill that will impose new taxes on the richest individuals and companies in Venezuela. The new tax will be levied on all natural citizens who have over €236,000 (US$266,000) in assets and all legal immigrants, companies, and societies with assets over €250,000. The tax has a gradual percentage increase based on income, starting at 0.25% and rising to 1.5%. However, the new tax does not apply to the government, mayoralties, governors, or communes within the country and includes some exemptions including “attributions of Venezuela’s president” meaning that the de facto president, Nicolás Maduro, will not be affected.

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