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Chavez to tax foreign oil companies VOA News \|\| May 10, 2006 [KDR: Too bad our leaders won't follow his lead.] Venezuelan President Hugo Chavez says he plans to raise taxes on foreign oil companies in Venezuela. Mr. Chavez Sunday described the move as a "tax on extraction," saying it would create one billion dollars in new state revenue. He made the announcement Sunday during his weekly television and radio program. Article Posted at www.KnowledgeDrivenRevolution.com The new tax will be 33 percent - up from 16.7 percent. Mr. Chavez has accused foreign oil companies of exploiting his country's vast petroleum reserves without paying sufficient taxes, and has taken steps to increase revenue from the industry. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
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Chavez to tax foreign oil companies

VOA News || May 10, 2006

[KDR: Too bad our leaders won't follow his lead.]

Venezuelan President Hugo Chavez says he plans to raise taxes on foreign oil companies in Venezuela.

Mr. Chavez Sunday described the move as a "tax on extraction," saying it would create one billion dollars in new state revenue.

He made the announcement Sunday during his weekly television and radio program.

Article Posted at www.KnowledgeDrivenRevolution.com

The new tax will be 33 percent - up from 16.7 percent.

Mr. Chavez has accused foreign oil companies of exploiting his country's vast petroleum reserves without paying sufficient taxes, and has taken steps to increase revenue from the industry.

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