THE WALL STREET JOURNAL: Venezuela To Bill Oil Firms 4 Yrs Of Back Taxes: Official
Posted 11 May 05
DOW JONES NEWSWIRES
CARACAS — Venezuela will charge oil firms four years of back taxes on some operations as the government clamps down on the oil industry, a tax official said Tuesday.
Venezuela has been investigating 32 operating agreements with private oil firms for months, claiming they have not been paying enough taxes. Last month, the Seniat tax office raised the income tax rate on the projects to 50% from 34%, saying the oil firms were paying a cheap industrial rate under dodgy contracts signed in the 1990s.