Prices of Long-life Milk
Ruling N° 163, dated May 18, 2012, issued by the National Superintendence of Costs and Prices (the Superintendence”), was published in Official Gazette of the Bolivarian Republic of Venezuela N° 39.926, dated May 21, 2012. Said Ruling establishes the obligation to notify the prices of sale to the public of Long-life Liquid Sterilized Milk (UHT) (the “Product”). The most significant aspects of this Ruling are the following:
1.- Those who produce or import the Product are under the obligation to notify the Superintendence of the Product’s prices of sale to the different distribution and commercialization channels that are in effect on the date of publication of the Ruling, that is, May 22, 2012.
2.- Those subject to the application of the Ruling and listed in the same must provide, through the Price Administration Automated System (Sistema Automatizado de Administración de Precios - SISAP), general information about the company, notification of prices, and other data indicated therein. In order to know the entities subject to the application of the Ruling, please click here.
3.- Said notification of the Product’s sales prices to the SISAP must be given from Tuesday, May 22, 2012 up to and including Sunday, May 27, 2012.
4.- Those subject to the application of the Ruling may not sell the Product at prices higher than those notified to the SISAP, but they may sell it at prices lower than or equal to those recorded in the SISAP, up to the time when the Superintendence determines and authorizes the Maximum Price of Sales to the Public.
5.- Those subject to the application of the Ruling who produce or import the Product and fail to perform the obligation to notify the sales prices to the SISAP shall be penalized according to the Law.
6.- Those subject to the application of the Ruling who produce or import the Product shall be bound to provide the officers of the Superintendence authorized to conduct inspections and supervision activities with all the information and documentation required for compliance with this Ruling.
7.- Those who participate in the distribution and commercialization channels of the Product may not sell it at prices higher than those in effect at the time of publication of the Ruling.
8.- The Ruling shall become effective on May 22, 2012.
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.”