THE REGISTRIES AND NOTARIES LAW In the Official Gazette No. 6.668 Extraordinary dated 16 December 2021 was published the Registers and Notaries Law (the "Law"), enacted by the National Assembly. The changes brought about by this new Law relate mainly to the integration of the Petro (PTR) as the unit of account for...
RULES GOVERNING THE NEW MONETARY EXPRESSION In Official Gazette No. 42.191 of 16/08/2021, the Central Bank of Venezuela issued the Rules Governing the New Monetary Expression (Resolution No. 21-08-01), to regulate aspects related to the new monetary scale of the bolivar established in Decree No. 4.553 of the National Executive, and which we are now going to...
NEW MONETARY EXPRESSION By means of Decree No. 4.553 of 06/08/2021, published in Official Gazette No. 42.185 of the same date, the National Executive decreed a new monetary expression of the bolivar, the most relevant aspects of which are summarised below: 1) The unit of the Venezuelan monetary system, i.e. the bolivar as legal tender, will be expressed in...
EXTENSION OF THE DEADLINE FOR SUBMISSION OF THE UPDATED STATEMENT OF ASSETS The Office of the Comptroller General of the Republic, by means of Resolution No. 01-00-000233, published in Official Gazette No. 42.180 of 30 July 2021, resolved to extend from the first (1st) to the thirty-first (31st) of August 2021, the deadline for the submission of the...
RULES REGULATING FINANCIAL TECHNOLOGY SERVICES (FINTECH) In the Official Gazette No. 42.151 dated June 17, 2021, Resolution No. 001.21 dated January 4, 2021 (the "Resolution"), issued by the Superintendency of Banking Sector Institutions, was published, by means of which the Rules regulating financial technology services (FINTECH) were...
CRITERIA FOR THE UPLOADING OF FINANCIAL STATEMENTS AS A REQUIREMENT FOR REGISTRATION AND ENABILITATION IN THE NATIONAL REGISTER OF CONTRACTORS Official Gazette No. 42.134 dated May 25, 2021, published Ruling No. DG-2021-004 (the "Ruling"), issued by the National Procurement Service ("SNC"), by means of which the National Procurement Service ("SNC")...
INCENTIVE TO REGISTER IN THE RNC FOR NEW SMALL AND MEDIUM ECONOMIC ACTORS, NEW ENTREPRENEURSHIPS AND OTHER SOCIOPRODUCTIVE ORGANISATIONS Official Gazette No. 42.134 of 25 May 2021, published Ruling No. DG/2021/006 issued by the National Procurement Service (the Ruling), by means of which it established...
PROCEDURE FOR THE DECLARATION, AUTOLICATION AND PAYMENT OF FONACIT CONTRIBUTIONS AND OBTAINING THE ELECTRONIC CERTIFICATE OF CONTRIBUTION SOLVENCY Official Gazette No. 42.128 dated May 17, 2021, published Ruling No. 015-029 (the "Ruling") dated April 15, 2021, issued by the National Fund...
EXEMPTION FROM PAYMENT OF IMPORT TAXES, VALUE ADDED TAX AND TAX FOR DETERMINATION OF CUSTOMS REGIME FOR THE GOODS AND SECTORS NAMED IN THE DECREE In the Official Gazette No. 6.623 Extraordinary dated 1 May 2021, Decree No. 4.604 of the same date (the "Decree") was published, issued by...
INCREASE IN THE MINIMUM WAGE / ADJUSTMENT OF THE SOCIALIST CESTATICKET In the Extraordinary Official Gazette No. 6.622, dated 01 May 2021, was published Presidential Decree No. 4.602 ("The Decree") issued by the Presidency of the Republic on the same date, by means of which the mandatory monthly minimum wage was increased by...
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