Term extension - SUNDECOP
Administrative Ruling No. 195 (the “Ruling”) issued by the National Superintendence of Costs and Prices (Superintendencia Nacional de Costos y Precios – “SUNDECOP”) was published in Official Gazette No. 40.027 of October 11, 2012. The Ruling extends for thirty (30) calendar days as from October 20, 2012, the period of time established in Administrative Ruling No. 190, published in Official Gazette No. 39.998 of August 31, 2012, in order for the persons/entities subject to the application of the Decree with the Status, Value, and Force of Law of Fair Costs and Prices (the “Decree”) that produce, import, distribute and/or commercialize any of the 19 products regulated by Administrative Ruling No. 059 (compotes, mineral water, pasteurized juices, diapers, personal hygiene and house cleaning products) to notify SUNDECOP of 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.
Also, the Ruling establishes that if said persons/entities subject to the application of the Decree fail to perform the obligation to process their registration and notify of the relevant production, importation, distribution, and/or commercialization costs through the Price Administration Automated System (Sistema Automatizado de Administración de Precios – “SISAP”), they shall be penalized in accordance with the provisions of the Decree.
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.”