Pursuant to the Organic Law of Special Economic Zones, the National Executive issued on 10 August 2023 Decree Nos. 4,838; 4,839; 4,840; and 4,841. The Decrees create the Special Economic Zone (SEZ) of the Federal Dependency La Tortuga Island, adapt the Special Military Economic Zone No. 1 of the State of Aragua and SEZ of Peninsula Paraguaná of the state of Falcón, and create the SEZ of the State of La Guaira, respectively.
The Ministry for Productive Agriculture and Lands issued Administrative Ruling INSAI No. 007/2023 (“Administrative Guidelines”) on 6 June 2023, establishing the rules that regulate the registry, supervision and control of agro-ecological or organic consumables which became effective on 8 August 2023 (i.e., date of its publication in the Official Gazette).
The Administrative Guidelines also regulate activities related to the manufacture, formulation, import, export, commercialization, distribution, packaging, storage, sale, transport, application, release, advertising, quality control and research of Products for agricultural, industrial, domestic, public health and livestock use in Venezuela.
On 10 August 2023, the Venezuelan National Assembly issued the Organic Law for the Coordination and Harmonization of the Tax Powers of States and Municipalities. The law will enter into force on 8 November 2023, 90 continuous days after its publication in the Official Gazette. The Law sets forth that from its entry into force, the provisions of state laws and municipal ordinances establishing different tax rates from those allowed by the Law will be repealed. Likewise, states and municipalities will have an additional period of 90 continuous days, counted as of the entry into force of the Law, to adapt to the Law their legal-tax instruments in force.
The National Executive of Venezuela issued Decree No. 4,821 on 1 July 2023, exempting definitive imports of tangible personal property from Value Added Tax (VAT) and import tax.
The Decree establishes that the periodic evaluation of VAT exemptions will be carried out in accordance with the determinations of the National Integrated Customs and Tax Administration Service (SENIAT) and the Ministry with competence in Economy, Finance and Foreign Trade, which are the competent authorities in charge of implementing the Decree’s provisions.
On 10 July 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) reissued General License 40B, “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela.” On the same day, OFAC made public regulations to implement Executive Order 14078, “Bolstering Efforts to Bring Hostages and Wrongfully Detained United States Nationals Home.”
The National Executive issued Decree No. 4,812 on 19 June 2023, which extends the waivers of Legal Regimes for export until 9 December 2023 (“Decree”). Said waivers were established on 9 June 2021 by Decree No. 4,5252 regarding Optimization of Export Processes, which was extended until June 2022 and June 2023.
The Decree established its validity as of 9 December 2023, having a retroactive effect.
Our latest Antitrust and Competition Handbook is now available. We have developed this guidance as a practical resource for multinationals trying to harmonize their approach to antitrust compliance in different countries in Latin America, as well as for local companies that are bringing their compliance programs up to international standards.
On this episode of the Compliance Podcast of the Caracas Office, Jesus Davila speaks to Marco Andrade, specialist on ISO norms. Marco will guide us into the fascinating world of the ISO Norms and their applicability in the corporate environment, as well as the opportunity to incorporate such norms in the corporate systems for managing risks and quality control. Furthermore, it is very interesting to review how the ISO Norms define a space for the creation of integrity protocols for companies.
Artificial intelligence (AI) continues to transform the workplace. Much like in countries across the globe, the benefits of new AI technology are gaining traction in Latin America. However, employers should be aware of its risks, particularly in our regions’ context
The Superintendent of the Venezuelan Tax Authority issued Administrative Ruling No. SNAT/2023/00005, which designates who may be designated as a special taxpayer, their obligations and other relevant aspects. The Ruling repealed Administrative Ruling No. SNAT/2007/06852 and entered in force on 15 March 2023.