RealNews

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

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