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Law on Fair Costs and Prices (Official Gazette)

In the Official Gazette N° 39,715 dated July 18, 2011 the Decree with Range, Value and Force of the Law of Fair Costs and Prices was published. This Decree establishes the regulations and mechanisms of administration and control required to maintain price stability and to promote equal conditions for the access of the population to goods and services.

The Decree establishes the creation of the National Superintendence of Costs and Prices that periodically reviews the costs of goods and services. This entity will establish the Maximum Sale Prices to the Public (MSPP) or Ranges of prices for goods and services, according to its economic significance or strategic character.

Individuals or corporations engaged in the production, importation or commercialization of goods as well as services providers must register in the National Registry of Prices of Goods and Services and keep all their information updated.

This Decree will enter into force after ninety (90) business days have elapsed, as from July 18, 2011, date of its publication in the Official Gazette that is on November 22, 2011.

Download File : 2011-07-18-39715-ley-de-costos-y-precios-justos.pdf

 

“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.”