The Ministry of the People’s Power for Banking and Finance (the Ministry) published Resolution No. 212, under which it issued the first Special Tax Reimbursement Certificates (CERTs) of 2016 (Resolution 212) for an amount of 1.6 billion bolivars (approximately USD 2.3 million). The purpose of CERTs is to reimburse the input VAT that (i) the exporters paid upon the importation or acquisition of goods and services destined to their export activities; and (ii) the exporters in the pre-operating period paid upon the acquisition of capital goods and services during such period. Resolution No. 212 became effective on 02 December 2016.
The CERTs shall have a term of two years as of their placement by the Ministry in favor of the beneficiaries. The beneficiaries may offset the CERTs against other national (federal) taxes collected by the Republic (i.e., income tax, VAT, import duties, customs fees, certain telecommunications taxes and others). The beneficiaries may also assign the CERTs to third parties for the same offsetting purpose, which, in practice, normally is made at a discount.
Certs must comply with the requirements established in (i) the "Instructive of the Procedure for the Issuance, Colocation, Custody and Management of CERTS in Electronic Custody"; and (ii) Resolution No. 1519. CERTs will be deposited in the Venezuelan Central Bank, which will maintain the CERTs' electronic custody and submit them to their beneficiaries through electronic transfer.
The Ministry will have the following duties:
1. To issue instructions for the deposit and delivery of the CERTs to the Venezuelan Central Bank and to establish the total or partial delivery date of the corresponding tax credits;
2. To place the CERTs by written or electronic communication through any platform or electronic system that serves as a delivery system, according to the resolutions issued in this respect and according to the Law of Electronic Data and Signatures; and,
3. To instruct the Venezuelan Central Bank on the closure of the issuance for the placement of the CERTs when the remaining balances are insufficient.