Venezuela has extended its VAT and customs duty exemptions on certain imports through Decree No. 4.985, published in the Official Gazette on 30 August 2024. This latest decree continues the exemptions initially granted by Decree No. 4.907, which covered the period from 1 January to 31 August 2024.
Decree No. 4.985 extends the VAT exemptions until 31 December 2024. Decree No. 4.907 lists all the tariff codes for the exempted goods.
The Decree offers a 90% exemption of the import tax and 90% of VAT for definitive imports of over 1,500 new or used tangible goods by legal entities, individuals, and government agencies such as the National Public Administration.
This exemption also covers 441 goods, which is contingent upon obtaining a “Certificate of No National Production” or “Insufficient National Production” issued by the Ministry responsible for industries and national production.
Furthermore, the exemptions apply to 166 goods imported by the Corporación Venezolana de Guayana, and 260 new or used tangible goods by the Ministry of Water Services.
Exemptions also apply to goods imported by entities such as the Corporación Socialista del Cemento, and the Corporación Venezolana de Comercio Exterior.
