Chavez: Venezuela May Charge Oil Companies Back Taxes

Venezuela may charge private oil firms a retroactive tax on some fields in the latest attempt to squeeze more money from the oil industry, President Hugo Chavez said Friday evening.

Last month Venezuela adjusted the income tax rate on 32 operating agreements to 50% from 34%, saying the oil firms were paying a cheap industrial rate.

“The billing in this case could be retroactive,” said Chavez during a televised address Friday, referring to the recent tax increase.
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