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Mr. Maduro clarified, “We are depending on articles 337, 338, and 339 of the Constitution to safeguard the rights of the citizens.” The decree claims that Washington's sanctions have “breached international law” and caused a global recession, necessitating “structural changes” in Venezuela's economy.
The decree empowered the government to halt taxes in order to assist producers, combat tax evasion, encourage investment, and directly acquire goods to meet the basic needs of the populace. Additionally, constitutional protections in the financial sector are put on hold during the state of emergency.
The regulation will take effect upon publication in the official journal and will remain valid for 60 days, with an option for extension.
In the past, officials have consistently enacted a state of emergency due to hyperinflation and sanctions. The UN reports that in the last five years, over 7 million individuals have exited Venezuela because of the economic crisis.
source: reuters.com
The decree empowered the government to halt taxes in order to assist producers, combat tax evasion, encourage investment, and directly acquire goods to meet the basic needs of the populace. Additionally, constitutional protections in the financial sector are put on hold during the state of emergency.
The regulation will take effect upon publication in the official journal and will remain valid for 60 days, with an option for extension.
In the past, officials have consistently enacted a state of emergency due to hyperinflation and sanctions. The UN reports that in the last five years, over 7 million individuals have exited Venezuela because of the economic crisis.
source: reuters.com
