The Constitutional Chamber of the Venezuelan Supreme Court has not issued further notification in relation to the nullity action filed by the Venezuelan Association of Industrial Property Agents (COVAPI) in May of 2015 against Decree No. 1398, that partially reforms the Fiscal Stamp Law. The action argues that this reformed law which increased Official Fees in connection with all industrial property matters represents discriminatory treatment for foreign applicants, since they must deposit the Official Fees in US Dollars calculated at an exchange rate of BS 6.3/US Dollar which results in very expensive official fees.
The registration process for foreign applicants is working smoothly up to now. Under the new procedures, certain applications and/or notifications have to be accompanied by a receipt evidencing the deposit of Official Fees in dollars in the Registry's bank account. The Registry officials have to verify the receipt of the deposit and then stamp the application as received with the date and time. Without that deposit receipt and confirmation that the deposit has been received, the Registry will not accept the document. It is expected that further notifications on the legal actions against the Decree No. 1398 will be issued in 2016.