Venezuelan government implements foreign exchange control adjustments [TAX ALERT]

May 3, 2013

Exchange Agreement No.14, published in the Venezuelan Official Gazette on 8 February 2013, established that, beginning on 9February 2013, the exchange rate will be set at Bs.6.2842 per US$1 for purchases and Bs.6.30 per US$1 for sales.

Also, according to an official notice issued by the Central Bank of Venezuela (BCV), beginning on 9 February 2013, purchases and sales of US dollars will be solely carried out through the National Commission for Administration of Foreign Currency (CADIVI) and not through the System for Transactions with Foreign Currency Securities (SITME)..

Further details are available from the Ernst & Young Tax Alert which can be accessed using the link below:

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