Venezuela To Double Taxes On Foreign Oil Corp.

(LWN) – According to an article issued today by Britain’s Daily Telegraph newspaper, Venezuela’s congress is likely to approve an increase in taxes on foreign oil corporations which would make the taxes twice as high as they are now.

The article indicated that Venezuelan President Chavez had announced on his television program that he intends to raise the current seventeen-percent tax to a thirty-three percent tax. Meanwhile, the Washington Post published an article criticizing Venezuela for its efforts to “take over” oil operations of foreign countries, while describing the United States as the “lonely public voice in the international community calling attention to the abuses of the Chavez regime.”

In recent months, Venezuela has expanded oil-funded social programs including subsidized food, free healthcare, and expanded education. At the same time, it has provided substantial humanitarian aid and discounted oil prices to Bolivia, Jamaica, and other nations. It is expected to begin providing discounted oil and other aid to Haiti now that a left-wing leader has come to power there, replacing the former right-wing government which rejected Venezuelan assistance.

LessWaiting.com News