New Printing of the Organic Law of Fair Prices
Due to an error, the Decree with the Status, Value, and Force of Organic Law of Fair Prices, published in Official Gazette No. 6,202 Extraordinary of November 8, 2015 was printed again and published in Official Gazette No. 40,787 of November 12, 2015 (the “Decree-Law”).
Article 46 of the Decree-Law referred to violations for failure to comply with formalities was modified. Said article establishes penalties of “(…) shutdown of warehouses, storehouses or establishments for a period of 48 hours or fine ranging between five hundred (500) and ten thousand (10,000) Tax Units for those who are liable (…)” for failure to comply with the formalities established in said article.
Specifically, number 1 of said article 46 was amended and drafted as follows:
Failure to comply with the formalities relating to marking of prices established in this Decree with the Status, Value, and Force of Organic Law, its regulations, or by the National Superintendence for the Defense of Socioeconomic Rights”.
In addition, three (3) new cases of non-compliance with formalities were included in article 46. Such non-compliances constitute violations that may be penalized in accordance with said article. Said violations are the following:
“3. To sell or offer goods or services at prices in excess of the prices that have to be marked or published, as per the corresponding form of price of those established in this Decree with the Status, Value, and Force of Organic Law, or by the National Superintendence for the Defense of Socioeconomic Rights”.
“8. Not to present to the officer acting in the inspection or audit the invoice, waybill (guía de movilización), or equivalent document that supports the legality of the goods stored, offered for sale, or being moved”.
“9. Not to exhibit in their shelves or other mechanisms for access by the public, specific products that are available in their storehouses or warehouses, thus preventing the users from having opportune access to said products”.
In order to access the Decree-Law, 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.”