Venezuelan PDVSA's new tax based at $25.50/barrel

Published November 9th, 2000 - 02:00 GMT

Guaicaipuro Lameda president PDVSA Venezuela's oil company said Wednesday that PDVSA latest income tax declaration would be based on $25.50 a barrel.  

Lameda, speaking to the National Assembly's Finance Commission, noted that PDVSA's latest per barrel income tax base should hold for the rest of the year. 

 

The last adjustment came just three weeks ago, when PDVSA raised the level to $24.50 from the $22.70 set in May. In the original 2000 budget, PDVSA's income tax level was set at $15 a barrel.  

 

But Finance Minister Jose Rojas reportedly told legislators Wednesday that financial authorities were eying one last 2000 adjustment for PDVSA's tax declaration, which would supposedly amount to $26.50. Finance ministry officials couldn't immediately confirm that report.  

 

By last Friday, the year running price on Venezuela's oil basket stood at $26.67/bbl. PDVSA makes monthly payments to fiscal authorities, but its effective total 2000 tax bill won't be known until the end of the first quarter of 2001.  

(petroleumworld)  

 

 

© 2000 Mena Report (www.menareport.com)

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