Monday, May 30, 2005

Foreign Oil Companies Operating In Venezuela To Pay Up

The AP says that most foreign oil companies operating in Venezuela will pay the "back taxes" demanded by Hugo Chavez, about $2 billion for the last ten years. The tax rate is 50%. In addition,
Oil Minister Rafael Ramirez has previously said firms that run the agreements owe some $3 billion in back taxes, and that firms with heavy crude upgrading projects in the Orinoco tar belt owe more than $1 billion in unpaid royalties.
Here'a a link to my longer Venezuela post.