Obligatory nature of the establishment and marking of Fair Sales Price
Ruling No. 057/2014, issued by the National Superintendence for the Defense of Socioeconomic Rights (Superintendencia Nacional para la Defensa de los Derechos Socio-Económicos - “SUNDDE”), was published in Official Gazette No. 40,547 of November 24, 2014 (the “Ruling”). The Ruling regulates the conditions to establish the obligatory nature of the establishment and marking of the fair sales price (“Fair SP”) in the goods and services commercialized or provided in the national territory.
The persons/entities subject to the application of the Ruling are the persons/entities established in article 2 of the Decree with the Status, Value, and Force of Organic Law of Fair Prices (“OLFP”) that produce and/or import goods and services commercialized or provided in the national territory. The Ruling defines the Fair SP as the one fixed for the end user by: (i) the SUNDDE or any competent entity (regulated price) or (ii) the producer or importer according to the provisions of the OLFP and the accounting criteria for the determination of prices established by the SUNDDE.
The Ruling provides that no good is to be commercialized if the Fair SP is not marked in the same and no service is to be provided if its Fair SP is not indicated. Also, the Ruling establishes that the SUNDDE may take the necessary measures in order to prevent excessive charges and profits on the part of the persons/entities subject to the Ruling at any stage of the commercialization chain. Articles 8 and the following establish the information and guidelines on the basis of which the marking is to be made, as well as the prohibition against marking more than one Fair SP in the same good or service, removing labels, crossing out or amending prices, or fixing price lists with prices different from the marked ones.
Finally, producers and importers are allowed periods of thirty (30) calendar days and forty-five (45) calendar days, respectively, after the publication of the Ruling in the Official Gazette, for marking the Fair SP of products, goods, and services.
The Ruling became effective on November 24, 2014.
In order to access the 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.”