Travieso Evans Arria Rengel & Paz

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Amendments to Exchange Agreement No. 34

An amendment to Exchange Agreement No. 34, dated August 30, 2016, was published in Official Gazette No. 41.102 of February 23, 2017. Said amendment was issued by the Venezuelan Central Bank (“VCB”), jointly with the Ministry of the Popular Power for Economy, Finance, and Public Banking (the “Exchange Agreement”).

 

An amendment was made to article 1 of the Exchange Agreement. Through said amendment, the percentage of the income received in foreign currency by the exporters  of goods and services, by reason of the exportation made,  that may be withheld and freely administered by them in order to meet expenses, payments, and any other   expenditure  deriving from their activities, including those necessary for performing their tax obligations, was increased from 60% to 80%. The rest of the foreign currency, that is, twenty percent (20%), must be sold to the VCB.

 

This amendment will become effective on the business day following that of its publication in the Official Gazette.

 

In order to access the Exchange Agreement, please click here.

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”