From Yahoo Finance: 2025-06-02 07:07:00

Venezuela increases taxes and public service charges on the private sector due to declining oil revenue from U.S. sanctions. Analysts estimate a 30% reduction in oil income. Businesspeople report pressure from advance tax payments and higher fees, hindering private enterprise. Tax revenues rose by about a fifth in the first quarter.

President Maduro decreed an economic emergency, aiming to erase tax exemptions and double tax income. Businesspeople identify tax burden as primary obstacle, with 60% planning no increase in production. Industrial guild calls for tax base expansion to ease burden on existing businesses.

Ruling party lawmaker praises increased tax collection, calling it a “lifesaver.” Analysts estimate tax take could reach $13 billion this year. Larger businesses do not expect job growth while medium-sized companies anticipate layoffs. Some sources report store closures due to high taxes.

Retailers express challenges with high municipal taxes impacting prices. Local manufacturers face heavier local tax burdens than international companies. Outage-prone public services, previously subsidized, have doubled in price. Inflation is expected to hit 200% by the end of 2025.



Read more at Yahoo Finance: Venezuela ramps ups taxes on private sector as Chevron oil exit bites