Please be informed that the devaluation of 59% on the exchange rate used to calculate the official fees for foreign IP owners announced by the Government on February 18 has been finally published in the Official Gazette No. 40.865. The new official fees costs have been already updated at the Venezuelan PTO website.

In addition, as we informed on February 12, 2016, the Venezuelan Tax Authority (SENIAT) announced an increase of 18% in the Tax Unit (TU) for 2016, resulting in an increase of the Official Fees in the same percentage.

As a result of both announcements, Official Fees for Foreign Nationals has been reduced in approximately 40% for trademark renewals, mandatory payment of patent's first annuity as well as changes of ownership and granting of registered patents and trademarks. Please find attached the Official Fees for these items: