Venezuela announces tariff reforms to favor exports

By E.C.V. & ASOCIADOS

The government of Venezuela approved on February 5, 2019, a series of economic measures that aim to favor exports and the productive activity of the country’s small and medium industry. The measures include a partial reform of the customs tariff and guaranteeing public funds, resources and mechanisms to strengthen the production and growth of local companies.

"We want to reward in a special way all those Venezuelan companies that have export capacity and can bring foreign currency into the country," said President Nicolás Maduro.

Since the beginning of 2020 Venezuela has eased controls on private companies, tariffs and currency as it seeks to outlast international sanctions.

In February the government announced the creation of a Foreign Trade Committee that will help companies on all issues related with foreign trade. Maduro pointed out that the main priority of this measures is to create “an economy that boosts exports and guarantees the development of national businesses.”