On 28 August 2022, Decree No. 4,7281 which partially reforms the MERCOSUR Common Nomenclature (NCM), went into effect in Venezuela. The Decree establishes a new sub-chapter in Chapter 98 of the NCM, “Imported Industrial Material for Productive Development”, which assigns a 0% ad valorem tariff to imports of authorized merchandise and exempts them from value-added tax. The duration of the exemption will be subject to the validity of the tax benefits established in the Decree of Customs Exemptions in accordance with Article 75 of the Organic Tax Code.
The National Executive issued Decree No. 4,683 on 1 May 2022 (“Decree”), which establishes exemptions from the payment of value-added tax, customs duties and customs service tariff for imports of various goods and merchandise in certain economic sectors.
The Decree entered into force on 1 May 2022 and will apply the exemption benefits until 31 December 2022.
Decree No. 4,630 of 14 January 20221 extends until 31 March 2022 the effect of all the exemptions of Decree No. 4,552 of 6 August 2021, which established exemptions from the payment of VAT, customs duties and customs service fees for certain categories of imported merchandise and economic sectors. We understand that the requirements to enjoy the benefits established in the Decree remain unchanged.
The National Executive issued Decree No. 4,622 of 9 December 2021,1 extends the validity of Decree No. 4,5252 on Optimization of Export Processes for six months (i.e., until June 2022). The purpose of the Decree is to optimize export processes by streamlining the certificates, permits and licenses required by public administration bodies and entities.
The National Executive issued Decree No. 4,619 of 1 June 2021,which establishes an exemption of the payment for the Value Added Tax, Customs Duties and Customs Service Tariff for Determination of the Customs Regime to imports of various goods and merchandise of certain economic sectors.
The National Executive issued the Decree No. 4,619 of 1 June 2021 (“Decree”) which establishes the exemption of the payment for the Value Added Tax (VAT), Customs Duties and Customs Service Tariff for Determination of the Customs Regime to imports of various goods and merchandise of certain economic sectors.
On 20 July 2020, the Ministries of Economy and Finance and Health issued the Joint Resolution Nos. 016-2020 and 111-2020, respectively, whereby include new tariff codes for goods aimed at preventing the spread of the COVID-19 pandemic (“Resolution”).1 The Resolution entered into force on 23 July 2020.
Decree N° 4.080 (“Decree”) was published in Official Gazette N° 6.497. The Decree exempts, until June 30, 2020, the payment of Added Value Tax, Import Tax and the Rate for the Determination of the Customs Regime for definitive imports of new or used movable tangible property, when applicable, carried out…