Managerial Alerts
LAW OF REGISTRIES AND NOTARIES’ OFFICES The Law of Registries and Notaries’ Offices, issued by the National Assembly, was published in Official Gazette No. 6.668 Extraordinary, dated December 16, 2021 (the “Law”). The changes included in this new Law refer mainly to the inclusion of the Petro (“PTR”) as unit of account for calculating…
RULES THAT GOVERN THE NEW CURRENCY ADJUSTMENT Through Official Gazette No. 42.191 of 08/16/2021, the Venezuelan Central Bank issued the Rules that Govern the New Currency Adjustment (Resolution No. 21-08-01), in order to regulate the aspects related to the new monetary scale of the bolivar established in Decree No. 4.553 of the National Executive.…
NEW CURRENCY ADJUSTMENT Through Decree No. 4.553 of 08/06/2021, published in Official Gazette No. 42.185 of the same date, the National Executive decreed a new currency adjustment of the bolivar. The most relevant aspects of said currency adjustment are summarized below: 1) The unit of the Venezuelan monetary system, that is, the bolivar as…
EXTENSION OF THE TIME PERIOD FOR FILING THE UPDATED SWORN DECLARATION OF PROPERTY OWNED The Comptroller General’s Office of the Republic, through Resolution No. 01-00-000233, published in Official Gazette No. 42.180 of July 30, 2021, resolved to extend from August 1st to August 31st, 2021 the period of time for filing the updated sworn…
RULES THAT REGULATE FINANCIAL TECHNOLOGY SERVICES (FINTECH) Resolution No. 001.21 of January 4, 2021, issued by the Superintendence of the Institutions of the Banking Sector, was published in Official Gazette No. 42.151 of June 17, 2021 (the “Resolution”). The Resolution contains the Rules that Regulate Financial Technology Services (FINTECH). Following are the most significant…
CRITERIA FOR UPLOADING FINANCIAL STATEMENTS AS A REQUIREMENT FOR REGISTRATION AND QUALIFICATION IN THE NATIONAL CONTRACTORS’ REGISTER Ruling No. DG-2021-004 (the “Ruling”), issued by the National Procurement Service (“SNC”), was published in Official Gazette No. 42.134 dated May 25, 2021, establishing the criteria for the uploading of Financial Statements as a requirement for registration…
INCENTIVE FOR NEW SMALL AND MEDIUM-SIZED ECONOMIC ACTORS, NEW BUSINESS START-UPS, AND OTHER SOCIO-PRODUCTIVE ORGANIZATIONS TO REGISTER WITH THE RNC Ruling No. DG/2021/006, issued by the National Service of Contracting (Servicio Nacional de Contrataciones), was published in Official Gazette No. 42.134 of May 25, 2021 (the Ruling). The Ruling established the incentive for new…
PROCEDURE FOR DECLARATION, SELF-ASSESSMENT, AND PAYMENT OF CONTRIBUTIONS TO FONACIT AND OBTAINMENT OF ELECTRONIC CLEARANCE CERTIFICATE OF THE CONTRIBUTION Ruling No. 015-029 of April, 15, 2021, issued by the National Fund of Science, Technology, and Innovation (Fondo Nacional de Ciencia, Tecnología e Innovación – “FONACIT”), was published in Official Gazette No. 42.128 of May…
INCREASE OF MINIMUM SALARY / ADJUSTMENT OF SOCIALIST CESTATICKET Decree No. 4.602 of May 1, 2021, issued by the Presidency of the Republic, was published in Official Gazette No. 6.622 Extraordinary of the same date (the “Decree”). The Decree increased the mandatory minimum monthly salary in all of the national territory. Said increase will…
EXEMPTION FROM PAYMENT OF IMPORT DUTIES, VALUE ADDED TAX, AND RATE FOR DETERMINATION OF CUSTOMS REGIME FOR THE GOODS AND SERVICES INDICATED IN THE DECREE Decree No. 4.604 of May 1, 2021, issued by the Presidency of the Republic, was published in Official Gazette No. 6.623 Extraordinary of the same date (the “Decree”). The…
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