- The Venezuelan government issued Decree No. 4.907 on December 29, 2023.
- The decree exempts imports of various goods from the payment of Value Added Tax (VAT) and import duties.
- The exemption applies from January 1, 2024, to June 30, 2024.
- The decree provides different levels of exemption based on the classification of goods and the entity importing them.
- Entities of the Public Administration and individuals or legal entities with their own resources are eligible for a 90% exemption on import duties and VAT for certain goods.
- A full exemption on import duties and VAT is available for goods classified under specific codes and imported by entities of the Public Administration or individuals/organizations with their own resources, provided they obtain the “Certificate of No National Production or Insufficient National Production” issued by the Ministry responsible for industries and national production.
- Additional full exemptions are available for specific goods imported by the Corporación Venezolana de Guayana (CVG) or its affiliated companies, the Ministry of Water Attention or its affiliated bodies, the Corporación Socialista del Cemento (CSC) and its affiliated companies, and the Corporación Venezolana de Comercio Exterior (CORPOVEX).
- The specific codes for these exemptions are listed in the decree.
Source: insightplus.bakermckenzie.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
