Venezuela approves windfall oil tax
Venezuela moved Tuesday to take a greater cut of windfall oil profits, approving a 50 percent tax on foreign oil companies when crude tops US$70 a barrel. The tax rate would rise to 60 percent when the average monthly price for benchmark Brent crude exceeds US$100, according to the bill approved by Venezuela’s National Assembly. The legislation will take effect as soon as it is published in the official gazette. Full Story