VENEZUELAN President Nicolas Maduro announced a complete income-tax break for the lowest-paid workers on Monday.
Mr Maduro said the “workers’ salary protection measure” would see anyone earning less than 9.6 million bolivars per year totally exempt from the ISLR income tax.
That was up from last year’s tax threshold of just over 1 million bolivars.
Mr Maduro said the change was needed in light of the five minimum-wage and household food allowance rises he made over the previous year, adding the break would benefit 95 per cent of earners.
By the official exchange rate 9.6 million bolivars would convert to £700,000, but on the rampant currency black market — partly driven by foreign counterfeiters’ demand for banknote paper — it would equal only £70.
The government-subsidised 19kg staple food parcels provided monthly to every family have a fixed price, currently 15,000 bolivars.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by joining the 501 club.
Just £5 a month gives you the opportunity to win one of 17 prizes, from £25 to the £501 jackpot.
By becoming a 501 Club member you are helping the Morning Star cover its printing, distribution and staff costs — help keep our paper thriving by joining!
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £1 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.