Venezuela Pres: Oil Firms Owing Taxes Must Pay or Leave

President Hugo Chavez said Sunday that foreign oil companies operating in Venezuela must pay taxes he insists they owe or else leave the country.

“The companies must pay what they owe,” Chavez said during his Sunday television and radio show. “If they don’t pay, they must leave.”

Chavez said that many private oil companies have been evading taxes for years, and they must be charged retroactively with interest on any debts. Officials have said that many declare losses to avoid paying income tax.
DowJones Newswire via iWon