On this basis, Venezuela could increase the customs duties for imports from third countries, at least temporarily, for a maximum of two years according to WTO guidelines. An electronic certificate of origin will also be introduced, and there will also be some changes to Venezuelan export regulations: For foreign firms based in Venezuela which want to export, Convenio Cambiario no. 34 will now apply from September 9, 2016 (see relevant download pp. 7-8). This agreement specifies that individuals and legal entities which export can retain 60% of the foreign exchange earned and must pay 40% to the Venezuelan Central Bank (exchanged at the DICOM rate into the local currency, Bolivares).
Also in force is the Providencia para facilitar, agilizar y generar un mejor desempeño a las operaciones de exportación of August 1, 2016 (see pp. 6-8), which imposes tighter rules for exporters (individuals or legal entities) with regard to duties levied on foreign currencies earned abroad. The most important change involves the wider range of incomes affected: For example, income from foreign real estate, from patents or from franchises have been added.