Sunday, September 25, 2005

Tax man in overdrive 

In the previous post I mentioned that the Venezuelan economy might hit overdrive soon with a the money soon to be pumped into public works. However, maybe it is already in overdrive.

Or at least its tax collection system is in overdrive. Witness this news: the Venezuelan tax authorities announced that they just exceeded their tax collection goals for the entire year. Thats right, with more than three months left in the year they already beat their target of 27 trillion bolivares or about 12 billion US dollars. And not only are there three months left in the year but they are far and the way the busiest 3 months with greatly increased retail sales due to the Christmas holiday. So the ultimate tax collection goal should be exceeded by much more than one 25%. Its quite possible they could beat it by 30 or even 40 percent.

All around fantastic news indeed.

And by the way. Ever wonder why all the vitrol directred at Chavez? Well think about it. If you were a wealthy Venezuelan used to almost never paying taxes and then Chavez came along and put into place a highly effective tax collection system might not you be a little upset? Well, they're more than a little upset. As you might have noticed.


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