Announcement of New Laws in the Frame of the Enabling Law
During a nationally televised speech of November 18, 2014, the President of the Republic, Nicolás Maduro, announced that he would execute via the Enabling Law (effective from 11-19-2013 to 11-19-2014) a total of 28 laws for the diversification, growth, and economic development of the Nation.
Of said 28 laws, the following were executed and approved:
1.- Law on Integral Regionalization for Socioproductive Development of the Homeland.
2.- Amendment to the Foreign Investment Law.
3.- Antitrust Law.
4.- Amendment to the Law that Reserves to the State the Exploitation of Gold and Connected Activities.
5.- Amendment to the Law on Fair Prices.
6.- Law of the Gran Misión Agro Venezuela.
7.- Law of the Integral Agrifood System.
8.- Amendment to the Law on Fishing and Aquaculture.
9.- Amendment to the Income Tax Law.
10.- Amendment to the Value Added Tax Law (VAT).
11.- Amendment to the Organic Tax Code.
12.- Amendment to the Law on Taxes on Cigarettes and Tobacco Manufacturing.
13.- Amendment to the Law on Taxes on Alcohol and Alcoholic Species.
14.- Amendment to the Organic Law on Tourism.
15.- Amendment to the Law of Credit and Financing Activities of the Tourism Sector.
16.- Amendment to the Law on Promotion of Sustainable Tourism as Community and Social Activity.
The laws have not been published in the Official Gazette yet, which is expected to occur in the next days. After their publication, we will inform you of their actual content and scope.
“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."