ANNOUNCEMENT 28 Jan 2013In January 2013, the government of Venezuela announced a change to the import-specific domestic duties.
NUMBER OF INTERVENTIONS
Bloomberg, 28 January 2013: http://www.bloomberg.com/news/2013-01-28/venezuela-to-pump-more-dollars-into-economy-cut-tax-on-oil-1-.html
EY Tax Alert of 18 March 2013: tmagazine.ey.com/wp-content/uploads/2013/05/2013G_CM3273_Venezuelan-reform-to-Hydrocarbons-Law-increases-threshold-of-contribution.pdf
Ley de Reforma Parcial del Decreto no. 8.807, published in Official Gazette no. 40.114 of 20 February 2013 (in Spanish): http://www.tsj.gov.ve/gaceta/febrero/2022013/2022013-3644.pdf#page=2
On 28 January 2013, the government announced that it plans to reduce levies on the oil industry by changing rules on the so-called windfall tax that will now only be triggered when crude and its derivatives trade above USD 80 a barrel, instead of USD 70 a barrel. The purpose of this change is to channel foreign currency from a domestic development fund to the Venezuelan Central Bank in order to provide currency for additional imports.
The windfall oil price tax establishes a special contribution which is payable by companies exporting certain hydrocarbons including liquid hydrocarbons, both natural and upgraded, and their derivatives. The tax revenues are than collected in a domestic development fund.
The measure was effective on 20 February 2013 with the publication of the according law in the Official Gazette.