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Venezuela Import Regs.: Software

Come to discuss the importing regulations, policy, and standards of Venezuela.

Venezuela Import Regs.: Software

Postby bridgat » Tue Nov 18, 2008 7:28 am

According to Decree 2095 all license agreements, technical assistance and know-how agreements entered into must be registered with the Superintendent of Foreign Investment (SIEX) within 60 days of execution.

Software shipped separately from hardware is subject to a duty applied to only the medium and not the value of the software. If installed, the software value must be separated in the invoice in order to avoid a duty on the software portion of the invoice. Otherwise, the duty will apply to the full CIF value of the shipment.

The VAT applies to the total value of the above, including the software.

REQUIRED DOCUMENTATION

Import documents required are the airway bill or bill of lading, the invoice stating total cost and price per unit, cost of freight and insurance listed sparately and the customs tariff number under which the product is to be imported. These requirements are the same for hardware and components.

LICENSES

Software licenses are not classifed under a separate customs tariff classification. A license agreement that has pecuniary value and is entered into as a means to use dedicated software is subject to the VAT tax. Income by the foreign supplier in Venezuela may also be subject to withholding taxes.

License agreements are binding to customers but Venezuelan laws specifies that this is true only if these agreements are written in the Spanish language and the costs are spelled out in local currency. In the case of new computers sold with software installed, the details of the license are sometimes part of the bill of sale.
bridgat
 
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