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New Imports Ruling

      Administrative Ruling N° 108, issued by the Foreign Currency Administration Commission (CADIVI), was published in Official Gazette of September 23, 2011. Said Ruling contains the Requirements and Formalities for the Authorization for Acquisition of Foreign Currency intended for Importation. The purpose of this Ruling is to establish the mechanisms for obtaining the Authorization for Acquisition of Foreign Currency intended for the Importation of goods and it will be applicable to all imports performed after the date of its publication in the Official Gazette.

      This Ruling (i) suppresses the obligation to file, together with the request for registration with the RUSAD, the first request for Authorization for Acquisition of Foreign Currency (Autorización de Adquisición de Divisas “AAD”); (ii) includes an additional article that establishes that the information provided by the user during the process of AAD request has to coincide with the pro forma invoice required by the Ruling; otherwise, CADIVI may deny the Authorization for Provision of Foreign Currency (Autorización de Liquidación de Divisas “ALD”); (iii) provides for the possibility of extending the period of validity of the AAD when CADIVI deems it essential and justified and in accordance with the Nation’s development plans and policies issued by the National Executive; (iv) establishes a period of sixty (60) calendar days following the expiration of the AAD in order to file the documentation for the ALD request indicated in the same, in the cases of importation of goods under regular and special regimes; if said period of time elapses without the user having complied with the formalities for the ALD request, CADIVI may deny the ALD request or require the relevant refund, and (v) includes certain additional requirements for the ALD request in the cases of importations payable on demand.

This Ruling expressly repeals Ruling N° 104 published in the Official Gazette of June 30, 2010.

Click here to access the Ruling

 

 

“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.”