Tax Collection in Crypto Is Very Likely in Venezuela

Mayors in Venezuela think it is important to work with the government in issuing Petro to the people even though it faces challenges in some areas.

Soon, 305 districts in Venezuela will have a different kind of tax system following the signing of the “National Tax Harmonization Agreement” by the Bolivarian Council of Mayors. The plan is to introduce the Petro for people to pay taxes and sanctions with it.

Petro has become more popular in recent days because of a new kind of promotion it gained.

Venezuela’s vice president, Delcy Rodriguez, has said she will be in charge of keeping records of those who pay their taxes with Petro.

Her tasks also include encouraging companies to accept the Petro as a means of payment.

Venezuela has 335 mayors. 305 of them belong to the ruling party while the rest are of the opposition party.

Municipalities which have not agreed with the president’s directive are still collecting taxes in the country’s fiat currency known as Bolívar. Many of them have not yet acquired the technology to process payments in Petro.

Talking about the benefits, the Vice President said:

“It is the simplification of procedures, making the State’s administrative activity at the service of the people more efficient, of the economic sectors that stimulate economic activity in the productive and commercial areas, framed in this week of flexibility that began on Monday.”

Many people have also started paying in Petro. On June 11, an announcement from the government stated that 15% of petrol purchases at the filling stations were made with Petro (PTR). The rise in popularity came as a result of the campaign organized by different state governments.

News agencies within the country reported that foreign petrol stations were also seen accepting the cryptocurrency.

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