Venezuelan Presidential Decree, No. 6985, has provided exemptions from value-added tax (VAT) and customs duties to the 'national productive sector'.
The decree in question seeks to lift duties on imports of capital goods and furniture parts and accessories not produced in the country and intended for projects that promote national development.
In mid-October, the Venezuelan government approved a package of measures to promote industrialization and reduce reliance on imported raw materials and consumer goods. SENIAT, the Venezuelan tax collecting authority, has now announced the introduction of the changes, and the full text of the Presidential decree including the list of items exempted has been uploaded on to the SENIAT website.
"The measure introduced by (the) decree is aimed at promoting the development of local production of tax exempt goods and components not already produced in Venezuela and whose supply is insufficient", explained SENIAT official, Jose David Cabello Rondón.
"Exemptions will be granted on those capital goods which are intended for manufacturing or construction and installed within Venezuela," he added.
A new Law on Simplified Procedures for exports and imports by state companies is also being implemented.
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