Travieso Evans Arria Rengel & Paz

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CENCOEX’s Notice – Sale of foreign currency from exports

A notice was published in the web page of the National Center of Foreign Trade (Centro Nacional de Comercio Exterior   - “CENCOEX”). Said notice informs natural and legal persons of a private nature, engaged in the exportation of goods and services, that by reason of the amendment to Exchange Agreement No. 34, published in Official Gazette of 02/23/2017, for purposes of making the sale of foreign currency to the Venezuelan Central Bank (VCB), the date of shipment will be considered as the date of execution of the exportation. Then, the following aspects are to be taken into account:   

(i) When the date of shipment of the exportation is February 24, 2017 or a subsequent date: The exporter may withhold and freely administer up to 80% of the income in foreign currency received as a result of such transaction. The remaining 20% must be sold to the VCB.

 

(ii) When the date of shipment of the exportation precedes February 24, 2017: The exporter may withhold and freely administer up to 60% of the income in foreign currency received as a result of such transaction. The remainder 40% must be sold to the VCB.

 

(iii) When the date of shipment of the exportation precedes February 24, 2017, but  the commercial contract or arrangement or agreement establishes that payments will be made after the date of entry into force of Exchange Agreement No. 34:  The exporter may withhold and freely administer up to 80% of the income received in foreign currency. The remainder 20% must be sold to the VCB. 

 

In order to access CENCOEX’s web page, please click here: http://www.cencoex.gob.ve  

 

 

“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.”