Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 8/9/2012

Venezuela - New member of Mercosur trade group 

August 9:  Venezuela on 31 July 2012 became a full member of Mercosur—the South American trade group comprised of Argentina, Brazil, Chile, Paraguay, and Uruguay.

In joining Mercosur, Venezuela must comply with certain treaty provisions, and establish a timetable for adopting the Mercosur common nomenclature and common external tariff (within a four-year period).


The agreement by which Venezuela joined Mercosur sets forth a schedule for Venezuela to phase in the Mercosur tariff rates.


Read a July 2012 report (Spanish) [PDF 130 KB] prepared by the KPMG member firm in Venezuela: Venezuela se incorpora como miembro pleno del MERCOSUR




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