Venezuelan President Hugo Chavez is set to increase the country's Value Added Tax (VAT) rate by 3%.
The current 9% VAT levy will rise to 12% in a bid to cover revenue losses resulting from a plunging oil price.
The President confirmed that he would prefer to work towards tightening the country's tax collection methods as opposed to devaluing the Venezuelan currency, or increasing the price of gasoline.
The government also intends to cut its forthcoming 2009 Budget by almost 7% - reducing it to around VEB156bn (USD72bn).
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