Venezuela: Agricultural Sector Exempted From Income Taxes

[Judi Lynn]

Venezuela: Agricultural Sector Exempted From Income Taxes
jueves, 12 de mayo de 2011

11 de mayo de 2011, 22:38Caracas, May 11 (Prensa Latina) The Venezuelan government on Wednesday exempted farmers from paying income taxes in order to increase production and ensure food security in the country.

The initiative, published in the Official Gazette on Wednesday, cancels the tax for all persons engaged in forestry, livestock and poultry farming.

According to Executive Vice President Elias Jaua, the objective of the initiative is supporting the sector to increase production and domestic availability of basic nutrients such as corn, rice, beans, milk and meat, among others.

This regulation will also curb speculation in the private market in food prices and ensure access to food for popular sectors with low income.

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