Venezuela's Finance Ministry is in favour of scrapping a 1 per cent tax on stock market transactions and making share dividends income-tax free, according to the Caracas Stock Exchange.
The proposal still has to be approved by the National Securities Commission, the country's tax authority, and the National Assembly. Shareholders of the Caracas exchange hope that the removal of taxation will help bolster trading through the sluggish bourse, whose daily volumes are down to less than US$2m, from about US$22m three years ago.
Vice Minister of Finance, Francisco Bustillos, also issued a statement last week in which he gave his approval to the move. He said that further consultations with the Venezuelan Tax Administration (Seniat) will take place this week, and amongst considerations will be a possible time-frame to eliminate the tax on share transactions.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment