Price Marking and Labeling
On May 15, 2012, through a publication on its web site www.sundecop.gob.ve, the National Superintendence of Costs and Prices (Superintendencia Nacional de Costos y Precios - SUNDECOP) informed of the methodology to be used by producers and/or importers to print, label, or mark the Maximum Price of Sale to the Public or End Consumer (Precio Máximo de Venta al Público o Consumidor Final), indelibly and in a visible place, in the container, package or wrapping of the products listed in article 4 of Administrative Ruling Nº 059, dated March 28, 2012, published in Official Gazette of the Bolivarian Republic of Venezuela Nº 39.894, dated March 29, 2012.
The methodology to be used, in order to distinguish the maximum price of sale to the public or a lower price and the Value Added Tax (VAT) rate allows the following three (3) options:
PMVP (or a lower price) + VAT = Total to be paid
1. Option One:
Example: PMVP* Bs. 10 + VAT = 11,2
2. Option Two:
Example: PMVP* Bs. 10 + 12% = 11,2
3. Option Three:
Example: PMVP* Bs. 10 + Bs. 1,2 = 11,2
(*) PMVP: Maximum Price of Sale to the Public. If the sales price is lower than the PMVP, the producers and/or importers may mark it by using the following abbreviation: PVP (Price of Sale to the Public).
“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.”