Tax News Update    Email this document    Print this document  

April 18, 2023
2023-0729

Nicaragua National Assembly approves creation of Foreign Trade Platform

  • A new law and accompanying regulations in Nicaragua create the Foreign Trade Platform (in Spanish: Ventanilla Única de Comercio Exterior — VUCEN), aiming to facilitate and simplify management of foreign trade proceedings through a technological platform that brings together various proceedings required for the export and import of goods.
  • Export documents that VUCEN's predecessor (CETREX) had authorized before the new regulations entered into force will remain valid.

The Nicaragua National Assembly has enacted Law No. 1147 and its Regulations, creating the Foreign Trade Platform (VUCEN). The Law and Regulations were published in the Official Gazette, issue No. 59 on 30 March 2023 and No. 60 on 31 March 2023, respectively.

The VUCEN is a tool aimed at facilitating and simplifying the management of foreign trade proceedings. Through a technological platform, the tool manages applications for pre-customs import permits, export documents, port proceedings and other documents required for export or import, authorized by the corresponding institutions.

Article 11 of Law No. 1147 establishes the fees to be paid for the use of VUCEN's services:

 

Procedure or service

Central American pesos

1

Export processing service according to FOB* invoice value

10.00 — 45.00

2

Replacement of VUCEN export documents

15.00

3

Rectification of VUCEN export documents

5.00

4

Use of the VUCEN technological platform for the management of pre-customs import permits, VUCEN export documents and port procedures

5.00

* Free on board (FOB)

These fees are shown in Central American pesos (one Central American peso is equal to one US dollar). To proceed with the payment, the local currency must be used according to the official exchange rate of the Central Bank of Nicaragua (BCN).

Both Law No. 1147 and its Regulations have entered into force as of their publication in the Gazette. Export documents that had already been approved by CETREX (VUCEN's predecessor), prior to the entry into force of the new Regulations, will continue to be valid.

____________________________

For additional information with respect to this Alert, please contact the following:

Ernst & Young, S.A., San José, Costa Rica

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement