VENEZUELA: Maduro Presents Economic Bill Draft Before ANC

VENEZUELA: Maduro Presents Economic Bill Draft Before ANC

President Nicol?s Maduro presented to Venezuela's National Constituent Assembly (ANC) eight bills aimed at reducing inflation and “speculation of the economic war provoked by the opposition.”

The presentation took place Thursday in a special session of the assembly.

“I have brought eight vital bills to address and resolve the issue of prices, induced inflation, the issue of economic war, and punish the smugglers,” Maduro said.

Among the bills presented, there is the Sovereign Supply and Agreed Prices, also called the “Plan 50 Act”, which will be implemented immediately. Under the law, “will be established a new system for fixing the maximum prices for the sale of 50 basic products and services in Venezuela.”

Maduro also introduced a tax regime bill for the development of the Orinoco mining belt, “to exploit minerals as a source of profitable income for Venezuela,” said the president in a statement.

Maduro also proposed a special regime law and penalties for crimes against the economy. “In a maximum of 30 days, an electronic billing system must be installed for the country's 5,000 large taxpayers,” the document said.

Regarding foreign investment in Venezuela, Maduro introduced two bills, one on the promotion and protection of foreign investment in Venezuela and another on the regulation and operation for exchange houses, which will expand its opening and operation in the South American country.