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Amendments to Trademark Laws

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Jun 30, 2015 (Newsletter Issue 10/15)
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Tax Stamps Increase

The Venezuelan Patent and Trademarks Office (VPTO) has issued a group of notices confirming that, as of May 28, 2015, the increase in value and change in acceptable currency of payment applicable to transactions by foreign individuals and corporations as established in Article 06 of the Presidential Decree No. 1398 that reforms the Stamp Duty Law of November 18, 2014, will be mandatory.

Holders of foreign nationality have to pay an equivalent payment in USD, at the lowest exchange rate in the market, determined by the Banco Central de Venezuela. The payments have to be done by the holder to a specific account created by SAPI. An official notice by the VPTO was published on May 22, 2015, confirming that the currency exchange rate of VEF 6,30 X USD 1,00 will be applicable, for the time being.

The new fees and the aforementioned payment method for companies or natural person of foreign nationality is effective since May 28, 2015 and will concern the following procedures:

-Payments of registration fees (granting) of trademarks and patents
-Registration of assignments and mergers that include trademarks and patents
-Trademarks renewal
-Registration of licenses of use that include trademarks and patents
-Registration of name and/or address changes of trademarks and patents holders
-Payment of annuities for the maintenance of patents, according to the table attached to the official notice

Source: Citemark International IP, Venezuela; B&R Latin America IP LLC, Colombia and Moeller IP Advisors, Argentina