Value of the Unit for the Maximum and Minimum Threshold for Public Contracting
Joint Resolution No. 003/2018 and No. 033/2018 (the “Resolution”), issued by the Ministry of the Popular Power for Planning and the Ministry of the Popular Power for Economy and Finance, respectively, was published in Official Gazette No. 41.362 of March 16, 2018. Said Resolution fixed the value of the Unit for Arithmetical Calculation of the Maximum and Minimum Threshold for Public Contracting (Unidad para el Cálculo Aritmético del Umbral Máximo y Mínimo para Contrataciones Públicas – “UCAU”).
The Resolution fixed the UCAU at Bs. 17.800,00.
The Resolution also clarified that the UCAU substitutes for the Tax Unit (“T.U.”) for purposes of making arithmetic operations related to public contracting matters, when said Tax Unit is used as arithmetical calculation factor for the determination of amounts in Bolivars, according to the relevant legislation.
Finally, the Resolution provided that the value of the UCAU may be periodically updated through a Joint Resolution issued by the Ministries of the Popular Power for Planning and for Economy and Finance, on the basis of objective criteria and when necessary to guarantee to the population the rational use of public resources, optimal levels of financial performance for the protection of the population’s fundamental rights, and the fight against distortions of national economy generated by national and foreign agents for personal purposes.
The resolution became effective upon publication in the Official Gazette.
In order to access the Resolution, 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.”