The Economic Emergency Decree grants powers to issue exceptional regulations and small incentives to national entrepreneurs are peeked out as the suspension of the collection of national, state and municipal taxes and administrative procedures, among other decisions
The Supreme Court of Justice (TSJ), through its Constitutional Chamber, issued the decision No. 533, in which the constitutionality of the Economic Emergency Decree signed by Nicolás Maduro was declared.
This decree establishes “economic emergency state” throughout the country for 60 days, in accordance with the provisions of article 339 of the Constitution.
The TSJ determined that the request submitted was reviewed and concluded that “it complies with the parameters established in the Magna Carta to guarantee the country’s economic and social stability in a context of significant challenges.”
This decree was approved by the National Assembly on Thursday, April 10, which sent it to the Constitutional Chamber of the Supreme Court of Justice (TSJ) for review. It was signed by Maduro on this month.
Nicolás Maduro said that this decree arose in response to the “unpublished and unprecedented war” of the United States after the application of 15% tariffs on the country.
*Also read: Maduro signs economic emergency decree with some incentives to national companies
This decree grants powers to issue exceptional regulations and small incentives are peeked to national business such as the suspension of the collection of national, state and municipal taxes and administrative procedures, percentages of mandatory purchase of national production or import suspension, in addition to establishing mechanisms to combat tax evasion.
The economic emergency decree also allows:
- Concentrate on the National Treasury the collection of rates and special contributions created by laws and redirecting existing resources in all funds available as of today.
- Suspend the application of tax exceptions nationals and proceed to its collection.
- Adopt all necessary measures to stimulate national and international investment, for the benefit of the productive apparatus, as well as the Non -traditional items exports as a mechanism for the generation of new sources of employment, currencies and income.
- Authorize hiring that were necessary to guarantee the population to restore their fundamental rights.
- Authorize erogations with positions to the National Treasury and other sources of financing that are not provided for in the annual budget.
- Dictate the norms that exceptionally, and without any submission to another public power, authorize public credit operations, their reprogramming and accessories that are not provided for in the special law of indebtedness as well as those that allow expanding the maximum borrowing amounts that the Republic may contract.
*Journalism in Venezuela is exercised in a hostile environment for the press with dozens of legal instruments arranged for the punishment of the word, especially the laws “against hatred”, “against fascism” and “against blockade.” This content is being published taking into account the threats and limits that, consequently, have been imposed on the dissemination of information from within the country.
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