[news] Venezuela to Raise Income Tax to 50% on Private Oil Projects

[Resist!ca]

"Venezuela said yesterday it will raise income tax on private oil projects to 50 per cent as part of a campaign by President Hugo Chavez to increase revenue from the energy sector." "Mr. Chavez, a self-described socialist revolutionary who often blasts U.S. foreign policy, has vowed to use Venezuela's oil revenue to fight poverty." "Mr. Chavez has criticized the 1990s [oil bidding] deals for 'robbing' Venezuela by giving foreign businesses access to natural resources under terms unfavourable to the OPEC nation. He has also launched investigations into tax payments by oil companies."

URL: http://resist.ca/story/2005/4/19/61935/0999