The value added tax (VAT) in Venezuela will not be levied on food products and medicines. This was stated on Saturday by the Minister of communications and information of the country, Jorge Rodriguez.

"Will be exempt [from VAT] all the consumer goods and the [first] necessities such as food, medicines and products for agriculture", - quotes the words of rodríguez the television channel Globovision.

Earlier this week, the Republic's authorities announced to raise the VAT from 12% to 16%. In addition, according to Rodriguez, at the end of September, the country will start to operate the new system of direct subsidies on gasoline.

On its introduction, said on Monday President Nicolas Maduro, noting that the cost of gasoline in the country will be given to market values, to stop its smuggling to Colombia. Currently, gasoline in the South American country is perhaps the cheapest in the world.

Venezuelan authorities 20 Aug intend to conduct in the country of denomination, by removing the bills with five zeros, and bind the new currency sovereign Bolivar to Venezuelan bitcoin Peter. The cost of one unit equal to the price of a barrel of recovered oil. On Friday, President Nicolas Maduro announced an increase in the minimum wage in the country up to "1800 sovereign bolivars or 0.5 Petro", raising it to 60 times compared to current levels.

According to the latest estimates of the Finance Committee of the National Assembly, which is controlled by the opposition, in July inflation in Venezuela on an annual basis amounted to almost 83000%. Official data on prices in the country are not published for several years. According to IMF forecasts, inflation in the Republic can reach 1000000% by year-end.