Monday, December 1, 2014

Nothing too trivial for the state to overlook

Somewhere in Venezuela, some tourists, somehow are having a good time, and paying for it in USD. Their enablers won't get away with it;
Pursuant to the [newest] amendment [to the Tourism Law], the Ministry of Tourism can set a fair prices system for tourism purposes in national islands located in priority areas for investment in tourism or that are protected for tourism purposes.

Additionally, tourism services providers receiving payments in US dollars from foreign visitors shall sell that foreign currency to the Central Bank of Venezuelan (BCV) within the two following business days from the day they were paid, at the foreign exchange rate set in the foreign exchange regulation in force on the day of the operation.
Which official exchange rate is 1/16th what those servicing the foreigners would receive if they were allowed to freely trade the dollars in the market. A tax rate of about 94%.

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