First three Special Economic Zones to be enacted next week

The first three Special Economic Zones will be promulgated next week, according to what the deputy Nicolás Maduro Guerra said on Thursday, July 20. These zones will be in La Guaira, Paraguaná and the military zone of Aragua state.


The first three Special Economic Zones will be promulgated next week, according to the deputy Nicolas Maduro Guerra This Thursday, July 20.

During his participation in Expo Fedeindustria 2023, he argued that the SEZs include exceptions to Income Tax (ISlR), Value Added Tax (VAT), and exports.

At the same time, he said that “there are other aspects that are yet to be defined.” According to journalist Ginette González, the first three Special Economic Zones will be in La Guaira, Paraguaná and the military zone of Aragua state.

According to Maduro Guerra, the industry will focus on inputs and derivatives of the oil sector, as well as the fishing sector.

On the other hand, he pointed out that neither former President Hugo Chávez nor the ruler Nicolás Maduro have been against private companies.

He also said that Chávez could have had opinions regarding the political and social way of running some companies and what was sought was justice: “But Chávez and Maduro have never had an opinion against private companies.”

The Organic Law of Special Economic Zones (ZEE), approved by the National Assembly (AN) of 2020, was published in the Official Gazette number 6,710 extraordinary, on Wednesday, July 20, 2022. The development of the Special Economic Zones, including the economic activities that are carried out in them, “has a strategic nature, of general interest and public utility”.

Likewise, the norm establishes that the Special Economic Zone is the geographical delimitation that has a special and extraordinary socioeconomic regime, “in whose polygonal areas strategic economic activities are carried out, in accordance with the objectives established in the Economic and Social Development Plan of the nation”.

*Read Also: According to the law, development of Special Economic Zones will be seen as “public utility”

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