VAT PAYMENT EXEMPTION FOR GOODS ENTERING THROUGH THE NATIONAL CUSTOMS OF FALCÓN AND NUEVA ESPARTA STATES

Decree No. 4.443 of February 24, 2021, issued by the Presidency of the Republic, was published in Official Gazette No. 42.074 of the same date (the Decree). Said Decree exempted the goods that enter the national customs territory and are part of the baggage of passengers from the Free Trade Zone for Tourist Investment in the Paraguaná Peninsula, State of Falcón, or the Duty-free Port of the State of Nueva Esparta from payment of Value Added Tax (VAT) and any other tax, rate or customs duty, always provided that as a whole they do not exceed a value in national currency equivalent to three thousand (3,000) times the rate of exchange of the currency with the highest value, as published by the Venezuelan Central Bank.

The matters related to the Baggage Regimes will be governed by the Law of Creation and Regime of the Free Trade Zone for Promotion of Tourist Investment in the Paraguaná Peninsula, State of Falcón, and the Law of State of Nueva Esparta Duty-free Port.

The Decree will be effective for five (5) years after publication of the same in the Official Gazette.

In order to access the Decree, please click here.

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