The president of the Venezuelan Book Chamber (Cavelibros), Adriana Olivares, announced last week the reinstatement of the Value Added Tax (VAT) exemption for book imports.

The tax incentive, which had been suspended in June, will allow publishing companies and bookstores to offer better prices to consumers.

According to Olivares, between July and September, the new legal framework applied to imports “introduced bureaucratic hurdles that forced some distributors to pay VAT on book imports.”

The reinstatement of the exemption will allow both bookstores and publishing companies to continue selling books at more affordable prices.

Stakeholders in the sector have begun meetings with government agencies to learn the details of the new import parameters from the Foreign Trade Committee (Comex) and ensure compliance with the law.

M.Pino

Source: bancaynegocios

(Reference image source: Susan Q Yin on Unsplash)

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La entrada Venezuela reinstates VAT exemption for book imports apareció primero en Bitfinance.