“Before [Maduro's] specially-granted
decree powers run out today, 18 November … The measures include income tax
increases for higher earners, higher taxes on luxury items and new ‘sin’ tax
hikes. But these are mostly tweaks that fall short of what is required given
the fiscal impact of the continuing oil price slide; last week’s average sale
price for Venezuelan crude was $70.83, the lowest level since 2010. On the
fiscally more significant matter of fuel prices, Maduro appeared to edge closer
to an adjustment on 17 November; the government is attempting to cast an
adjustment as an issue that the grassroots of the United Socialist Party of
Venezuela (PSUV) is demanding, as opposed to a top-down decision from the
executive. The timing of any move remains unclear, though clearly the
legislative elections due in the fourth quarter of 2015 will influence the
final decision, should it finally come. More…
Thursday, November 20, 2014
Venezuela Debt Watch: Luxury Tax, “Other Things” Boost Revenue
“Before [Maduro's] specially-granted
decree powers run out today, 18 November … The measures include income tax
increases for higher earners, higher taxes on luxury items and new ‘sin’ tax
hikes. But these are mostly tweaks that fall short of what is required given
the fiscal impact of the continuing oil price slide; last week’s average sale
price for Venezuelan crude was $70.83, the lowest level since 2010. On the
fiscally more significant matter of fuel prices, Maduro appeared to edge closer
to an adjustment on 17 November; the government is attempting to cast an
adjustment as an issue that the grassroots of the United Socialist Party of
Venezuela (PSUV) is demanding, as opposed to a top-down decision from the
executive. The timing of any move remains unclear, though clearly the
legislative elections due in the fourth quarter of 2015 will influence the
final decision, should it finally come. More…
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