Venezuela:Windfall oil revenues include exemptions for private companies increasing their production

[ChangoLoa]

The output increase of joint ventures between state-run oil holding Petróleos de Venezuela (Pdvsa) and private companies will be free from paying any tax on windfall oil income, Venezuela's Minister of Energy and Petroleum Rafael Ramírez told Reuters.

Last Thursday, April 21, Venezuelan President Hugo Chávez reported on a hike of the additional contribution paid by oil companies. The new scheme sets out an 80-percent rate out of the difference if oil prices are at USD 70-90; the aliquot jumps to 90 percent if oil prices are at USD 90-100, and goes up to 95 percent if oil prices are higher than USD 100.

Further, Ramírez, also the president of state-run oil holding Petróleos de Venezuela (Pdvsa), dismissed a renewed offer of debt bonds in the short term.


http://english.eluniversal.com/2011/04/25/windfall-oil-revenues-include-exemptions.shtml