Venezuela to Collect Taxes in Petro

The Bolivarian Council of Mayors in Venezuela signed “National Tax Harmonization Agreement”, including oil-backed cryptocurrency Petro as a means to collect payments of taxes and sanctions.

Delcy Rodríguez, the vice president of Venezuela, will be in charge of implementing a single registry of taxpayers through a digital consultation tool.

The vice president will be also in charge of creating an information exchange and monitoring system for companies to record payments in Petro.

In Venezuela, only 30 in 355 mayors are led by opponents of the regime of Nicolás Maduro. The non-Maduro-supported municipal governments are collecting tax payments in the Venezuelan fiat currency, Bolívar. Several municipal governments do not have the appropriate technology to process Petro payments.

As previously reported, the Venezuelan government announced that almost 15% of all fuel payments at petrol stations across the country were made using the cryptocurrency petro. The adoption of the oil-backed token has increased in the country as the government continues to push further.

The authoritarian regime of Venezuela is promoting the use of petro as it is facing sanctions from the USA and the UN