⚖️Supreme Court of Justice

Tax Harmonization in Municipalities.

In a 2020 ruling on tax harmonization in municipalities, the Supreme Court of Justice ordered the use of the Petro as a unit of account.

Legal Basis: Fourth: In accordance with Venezuelan law, the collection of taxes in foreign currency is prohibited. In this sense, the use of the Venezuelan crypto asset PETRO is approved as a unit of account for the dynamic calculation of taxes and penalties, charging only from its equivalent in Sovereign Bolivars but with the firm purpose of advancing its use as a crypto asset to strengthen this ecosystem.

Constitutional Chamber of the Supreme Court of Justice through Ruling No. 0118, dated November 18, 2020.

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