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Notification of costs to SUNDECOP

Administrative Ruling No. 184 (the Ruling), issued by the National Superintendence of Costs and Prices (Superintendencia Nacional de Costos y Precios - SUNDECOP), was published in Official Gazette No. 39,981 of August 8, 2012. According to the Ruling, the persons/entities subject to the application of the Ruling who produce, import, distribute and/or commercialize the 19 products regulated by Administrative Ruling No. 059 (compotes, mineral water, pasteurized juices, diapers, personal hygiene and house cleaning products), are bound to provide notice of their costs.

The purpose of the Ruling is to establish the obligation to notify SUNDECOP, through two (2) loading processes, the accounting information about the production, importation, distribution, and/or commercialization costs corresponding to the closing of the last fiscal period of year 2011 and the first semester of the fiscal period of year 2012.

The Ruling includes both the products with prices set in Ruling No. 059 and the products that were regulated without setting their prices.  It also includes the products for which the information required was not provided within the established period of time.

Upon the entry into force of the Ruling, the following obligations arose for the persons/entities subject to the application of the Ruling:

-  To provide, through the Price Administration Automated System (Sistema Automatizado de Administración de Precios - SISAP), all the information required concerning general information of the company, notification of production, importation, distribution and/or commercialization costs, and other data requested in said System.

-  The notification of the costs must be made by the persons/entities subject to the application of the Ruling, within a period of thirty (30) calendar days after the publication of the Ruling in the Official Gazette, which period ends on September 7, 2012.

-  To provide the SUNDECOP officers duly authorized to conduct inspections and audits with all the documentation and facilities required by them, in order to complement the information subject matter of the Ruling, when they deem it necessary.

The persons/entities subject to the application of the Ruling that fail to perform the above-described obligations shall be penalized in accordance with the provisions of the Decree with the Status, Value, and Force of Law on Fair Costs and Prices.

The Ruling became effective upon its publication in the Official Gazette.

In order to access said Ruling, 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.”