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The National Executive issued Decree No. 4,757 on 29 December 2022 which establishes exemptions from payment of VAT and customs duties for imports of various goods in Chapter II of the Decree. The Decree entered into force on 29 December 2022 and will apply the exemption benefits until 30 June 2023.

On November 26, 2022, the US Department of the Treasury’s Office of Foreign Assets Controls issued General License 41 authorizing Chevron Corporation to resume limited oil extraction operations in Venezuela and accompanying FAQs. According to the accompanying press release, OFAC issued GL 41 after Unitary Platform and President Maduro’s regime announced the resumption of negotiations; a humanitarian agreement focused on education, health, food security, flood response, and electricity programs that will benefit the Venezuelan people; and agreement on the continuation of talks focused on the 2024 elections. OFAC also issued an updated General License 8K extending certain limited wind-down activities with Petróleos de Venezuela SA until 25 May 2023.

The Ministry of People’s Power of Economy, Finance and Foreign Trade issued Resolution No. 017-2022 on 30 August 2022 (“Resolution”), whereby tariff codes were removed from and added to Appendix I of Decree No. 4,683 of 1 May 2022 (“Decree”). The Decree established the exemption from the payment of value-added tax (VAT), customs duties and customs service fees for imports of certain goods and economic sectors until 31 December 2022.
The Resolution entered into force on 12 September 2022 (i.e., five business days following its publication in the Official Gazette of the Bolivarian Republic of Venezuela).

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.

To close the LGBT+ Pride month and our mini-series called “Breaking Down Prejudices”, we had the opportunity to talk with Robinson Colls, a Venezuelan who emigrated to Santiago de Chile. Robinson is a Telecommunications Engineer and is part of our global team in the position of Global Voice Engineer.
In this episode he told us a bit about his experience as a member of the LGBT+ community, about the existing prejudices against the community, the differences he has perceived in the work environment and his perception about the existing challenges for organizations to create a better work environment for the community. Podcast available in Spanish only.

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.

Continuing in “Breaking down prejudices” series, is a discussion with Juan David Castaño, a practicing attorney and associate in Baker McKenzie’s Bogotá office. As a passionate about diversity, equity and inclusion issues and a member of the LGBTI+ community, he talked to us about his experience, the approach that employers are giving to their companies on diversity and inclusion issues, and the harassment that members of this community often suffer.

On 2 May 2022, the National Assembly published the Partial Reform Law with the Rank, Value and Force of Law Against Corruption (“Reform”).
The Reform introduced, among others: (i) a broader definition of “Public Patrimony”; (ii) the obligation for electronic filing of the Sworn Statement of Net Worth through the creation of an automated system under the direction of the Office of the General Comptroller of the Republic; (iii) the annual update of the Affidavit; (iv) an increase in the sanctions by changing the Tax Unit for the official exchange rate of the currency of the highest value published by the Central Bank of Venezuela at the time of the payment; and (v) the unpaid suspension term for public officers.

In this third episode, we had the pleasure of talking with Carolina Pardo, a partner at Baker McKenzie in the Bogotá office. Carolina is a very successful woman in the legal field and we are confident that her experience, advice and comments will inspire everyone who listens to us. We had the opportunity to hear her point of view of success, the different biases that exist, gender equity in our firm and her personal experience. We hope you enjoy it.