Travieso Evans Arria Rengel & Paz

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New Circular on transactions through SICAD II

The Venezuelan Central Bank issued a circular dated October 14, 2014, that establishes that the legal persons may participate in the Alternative Foreign Currency Exchange System (Sistema Cambiario Alternativo de Divisas - “SICAD II”) as purchasers of foreign currency. As from October 16, 2014, date on which the technological solution of SICAD II became available, the legal persons that meet the requirements of the exchange regulations and have filed the requirements mentioned in the circular may demand foreign currency.

 

The circular substitutes for number 4.2 of the circular of July 23, 2014, referred to the filing of income tax returns and payment of the same for the last two fiscal years.

 

In order to access the circular, 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.”