The National Constituent Assembly (ANC) on July 2, 2019, issued the constitutional law that created the Wealth Tax (Impuestos a los Grandes Patrimonios). The creation of this tax reopens the debate on the constitutionality of the acts enforced by the ANC, considering: 1) the call to elect the ANC was issued by the president of the Republic without the participation and the consultation of the Venezuelan citizens, and 2) the membership selection process to join the ANC violated constitutional rights of citizen participation. On the other hand, the ANC, elected by citizens through a popular vote, is the only unicameral branch entitled and empowered to issue tax laws.

Many have reflected on the unconstitutionality of this regulatory instrument, and this article examines the essential aspects established in the draft law approved by the ANC, which is pending publication in the Official Gazette. This report does not constitute an in-depth examination of this tax law but is for informational purposes. The aforementioned considerations could change if the official text published in the Official Gazette differs from the draft law circulated unofficially.