Private oil companies face taxes in Venezuela

[Minstrel Boy]

Private oil companies face taxes in Venezuela

Apr. 14, 2005
Associated Press

CARACAS, Venezuela - Venezuela's oil minister said Thursday that private oil firms will have to sign new contracts to comply with legislation requiring that Venezuela's state-run oil company has a majority stake in all oil production projects.

...

Ramirez said companies operating under current contracts - both national and foreign - produce 500,000 barrels of oil a day in oil-rich Venezuela and they are not paying enough in income taxes.

His statements came a day after Chavez said the government may charge private oil companies taxes on operations that have declared losses in recent years amid an ongoing investigation by the country's tax agency.

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Venezuela's tax agency, Seniat, began an investigation this month of private oil companies that have declared losses and have not paid income tax to Venezuela's government in recent years.



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