VATupdate

Venezuela Enacts Special Economic Zones Law

One 20 July 2022, Venezuela’s Ministry of Economy, Finance, and Foreign Trade announced that Venezuelan President Nicolás Maduro signed the Organic Law of Special Economic Zones, which was approved by the Venezuelan National Assembly and the Constitutional Chamber of the Supreme Court earlier in the month. The law provides for the introduction of three general types of Special Economic Zones (SEZs):

  • SEZs for the Promotion of Exports;
  • SEZs for the Selective Substitution of Imports (i.e., goods/products predominantly imported and not produced in Venezuela); and
  • SEZs for Technological Development.

Source Orbitax

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