Venezuela to raise taxes on oil companies in Orinoco: Knowledge Driven Revolution

CARACAS, Venezuela (AP) - Venezuelan President Hugo Chavez's cabinet has given initial approval to a tax hike on heavy-crude operations in the Orinoco River basin, a legislator said in a newspaper report published Sunday.

Congressman Rodrigo Cabezas, president of the National Assembly's finance commission, told the Venezuelan paper El Nacional under the proposed reform, companies extracting heavy crude would no longer enjoy a special 34-per-cent tax rate and would now be required to pay 50 per cent like other oil operations.

"That benefit will be eliminated, so that all oil companies should pay 50 per cent of their annual earnings," Cabezas was quoted saying.

Most oil companies operating in Venezuela already pay the higher rate but tax law also spelled out a discounted 34-per-cent rate on heavy crude extraction in eastern Venezuela's Orinoco basin, as well as oil-processing and transport concerns.

Read the full article here

Article Continued...

Norway's Statoil ASA, France's Total SA, BP PLC and U.S.-based Exxon Mobil Corp., ConocoPhillips Co. and Chevron Corp. are among the companies involved in heavy-crude projects in the region. Together, the Orinoco projects produce heavy oil that is upgraded into some 600,000 barrels a day of lighter, more marketable crude.

Government officials did not immediately confirm details of the reform and Cabezas could not be reached for comment. He told El Nacional the proposal will now be sent to the National Assembly for approval.

Chavez announced in May the Orinoco projects would see their income tax raised to 50 per cent.

Broken Link? If the link to the original article is broken or has been altered you can view the article by clicking the "Expand/Collapse" button below.

Read Today's Knowledge Driven News
HOME V for Vendetta - R for Reality Canadian Bird Flu Pandemic Looming ? Shill of the Week: Stephan Harper Aspartame: The Sweetest Killer Chicken Little Terrorist of the Week: Creating Fake Terrorists Shill of the Week: Paul Martin The Number 1 Reason YOU became a Slave	Venezuela to raise taxes on oil companies in Orinoco AP August 23, 2006 CARACAS, Venezuela (AP) - Venezuelan President Hugo Chavez's cabinet has given initial approval to a tax hike on heavy-crude operations in the Orinoco River basin, a legislator said in a newspaper report published Sunday. Congressman Rodrigo Cabezas, president of the National Assembly's finance commission, told the Venezuelan paper El Nacional under the proposed reform, companies extracting heavy crude would no longer enjoy a special 34-per-cent tax rate and would now be required to pay 50 per cent like other oil operations. "That benefit will be eliminated, so that all oil companies should pay 50 per cent of their annual earnings," Cabezas was quoted saying. Most oil companies operating in Venezuela already pay the higher rate but tax law also spelled out a discounted 34-per-cent rate on heavy crude extraction in eastern Venezuela's Orinoco basin, as well as oil-processing and transport concerns. Read the full article here Article Continued... Norway's Statoil ASA, France's Total SA, BP PLC and U.S.-based Exxon Mobil Corp., ConocoPhillips Co. and Chevron Corp. are among the companies involved in heavy-crude projects in the region. Together, the Orinoco projects produce heavy oil that is upgraded into some 600,000 barrels a day of lighter, more marketable crude. Government officials did not immediately confirm details of the reform and Cabezas could not be reached for comment. He told El Nacional the proposal will now be sent to the National Assembly for approval. Chavez announced in May the Orinoco projects would see their income tax raised to 50 per cent. Broken Link? If the link to the original article is broken or has been altered you can view the article by clicking the "Expand/Collapse" button below. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Features Archive
		What Is Wrong With Canada? Recent 9-11 News Suppressed by the Media Aspartame: The Sweetest Killer The Number 1 Reason YOU became a Slave Knowledge Driven Look at Your Favourite Canadian Political Parties
		June July August 2006 30 31 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 01 02 Weekly Features 2006 2005 Read Today's Knowledge Driven News
		Counter
Copyright © 2005-6 KnowledgeDrivenRevolution.com