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Venezuela Raises Taxes on Luxury Items to Bolster Economy

Venezuela will increase taxes on luxury goods, alcohol and tobacco to help shore up the government's finances, the top tax official said, as falling oil prices threaten the OPEC member's coffers. Buyers of luxury goods, including cars worth more than $30,000, will pay an excise tax of 15 percent, up from 10 percent, tax chief Jose David Cabello said late Tuesday during a televised ceremony with President Nicolas Maduro. The measures, part of a package of 28 laws Maduro decreed...

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