- Venezuela has established four new special economic zones (SEZs).
- These SEZs aim to promote production sectors, particularly for export.
- The incentives for companies operating in these SEZs include income tax refunds, customs duty refunds on imports for production, and accelerated depreciation for machinery, equipment, and infrastructure for production processes.
- The income tax refund varies depending on the SEZ and can be up to 100% for the first 20 years in Tortuga Island SEZ or up to 100% for the first four years in Aragua State Military SEZ, Paraguana Peninsula SEZ, and La Guaira State SEZ. Additional incentives for specific SEZs may also be introduced.
- The Decrees were published in Official Gazette No. 6.756 on August 10, 2023, and are effective immediately.
Source Orbitax
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