To allow you a better understanding of a law that is going to result in a huge black market controlled by corrupt bureaucrats of the regime let me tell you why Jeff Bezos, the founder of Amazon, should never set foot in Venezuela. Not that he would, the guy is smart enough to avoid rat holes.
It starts with article 2 that states the reach of the law including "foreigners" and "including transactions made through electronic means". So Jeff Bezos is subject to the law if the regime decides that Amazon is overpricing, say, Harina Pan sold through Amazon.
|Amazon is speculating , and possibly hoarding, to destabilize the Venezuelan regime|
And it is quite likely that Bezos will face sanctions. Article 32 says that under no circumstances can something be sold with an earning bigger than 30%. That is, if Bezos offers something at 130 that means that all his costs, shipping included, must be exactly 100 or more. Otherwise he will incur a sanction. Let's look at the picture above. Amazon is selling Harina Pan, the Venezuelan main staple, at 3.5 USD (numbers rounded for simplicity). Even if I use the official 6.3 rate this means that Bezos is selling the essential food item of Venezuelans at 22 VEB in local currency. And you know what? In Venezuela it can only be sold at 7 per price control rules. In other words Amazon has a profit of MORE than 200%. He should be punished!!!!!!
And what are the sanctions that Jeff faces? Article 45 lists some of the actions that can be taken against Amazon: a fine, disestablishment of the brand, occupation of Amazon depots by the Nazional Guard for up to 180 days, shutting down of Amazon web for up to 180 days, confiscation of whatever (preferably electronics, books the regime has no use for them), and more.
But that is not all, Jeff Bezos may also fall under article 54. See, in the print screen I got today Amazon says they have "only" 10 packages of 2 pounds left. How do we know that is true? How do we know that Bezos did not order a hoarding of Harina Pan sensing that the increasing scarcity of the item in Venezuela will make desperate people order same day delivery at any price for their Sunday Morning Brunches? Until a commission of the Nazional Guard and the new SUNDDE is sent to visit Amazon depots we will not know. And if he is guilty then he will have to pay for the travel expenses, of course. If Bezos is found guilty of hoarding Harina Pan he faces from 8 to 10 years in a Venezuelan jail, in addition of heavy fines reaching above 200K USD while Amazon depots would be occupied for 180 days.
|Mug shot suggestion|
for the SUNDDE
There are other additional infractions that Amazon could be at the very least investigated, from the sale of gift certificates (a very popular way for Venezuelans to save their now extinct quota for Internet purchases) to the suggestions of bundles that often appear in Amazon. But the above is enough I trust for the reader to get an idea how absurd the law is, how disproportionate it is, how political is its intent, how unenforceable it will be.
In short, this is a law that propels not only black market but that will lead to rationing since the SUNDDE is not only involved in price fixing but also in how to distribute stuff.