Page:Constitution of the Bolivarian republic of Venezuela.djvu/111

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ments or other types of tax incentives shall be granted except as provided for by law. No tax shall have a confiscatory effect.

No tax obligations payable in personal services shall be established. Tax evasion may be punished as a criminal offense, without prejudice to other penalties established by law.

In case of officials they shall be punished double.

Every tax law shall specify the interval that is to lapse before it goes into effect. In the absence of such provision, the period shall be understood as being 60 calendar days. This provision shall not restrict the extraordinary powers to be granted by the National Executive in the cases provided for by this Constitution.

The national tax administration shall enjoy technical, operating and financial autonomy in accordance with legislation approved by the National Assembly, and its maximum authority shall be designated by the President of the Republic, in accordance with the rules laid down in the pertinent law.

Section Three: National Monetary System

Article 318: The monetary competence of National Authority shall necessarily be exercised exclusively by the Venezuelan Central Bank. The fundamental objective of the Venezuelan Central Bank is to achieve price stability and preserve the internal and foreign exchange value of the monetary unit. The monetary unit of the Bolivarian Republic of Venezuela is the Bolívar. In the event a common currency is instituted within the framework of Latin American and Caribbean integration, it shall be permissible to adopt the currency provided for by a treaty signed by the Republic.

The Venezuelan Central Bank is a public law juridical person with autonomy to formulate and implement policies within its sphere of competence. The Venezuelan Central Bank shall perform its functions in coordination with general economic policy, in the interest of attaining the higher objectives of the State and the Nation.

In order to provide for the adequate attainment of its objective, the functions of the Venezuelan Central Bank shall include those of for