Recently the validity of the Law for the Promotion and Protection of Investments was challenged. The law gives national and offshore investments a guarantee that the tax terms and incentives granted at the time of investment will not change, notwithstanding any legal changes to the domestic taxation system.
A ruling by the Supreme Justice Tribunal concerning municipal taxation of a telecommunications project confirms that the imposition of taxation should be limited to certain key economic areas.
Including: Revenue Securitization; Economic Conditions; Cancellation of Licences and Permits; Use of Local Services or Goods; Foreclosure of Assets; Dispute Resolution; Currency Exchange Regulations; Restrictions
The Venezuelan government has adopted a new legal regime to regulate its gas industry. It is hoped that the new Organic Law on Gas Hydrocarbons will foster the development of the country's gas industry through private project finance. This update examines the government's new policy.