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Message: More movement - Chavez dealing with Natural Resources Tax
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Here is and arcticle from the Ciudad Guayana. These moves seem reasonable to me. Oil goes up alot and tax goes up some. Some windfall profits for his country.
It makes me think that he is getting closer to dealing with us; and I think he will be reasonable.
Ciudad Guayana Thursday, April 10, 2008
The tax authorities levied 1000 1000 million more by price of oil
Thursday, April 10, 2008 Thursday, April 10, 2008
The president, Hugo Chavez, called for the 17 February the creation of such a tax and admitted that he took the idea of a Nobel laureate in economics Joseph Stiglitz American. The president, Hugo Chavez, called for the 17 February the creation of such a tax and admitted that he took the idea of a Nobel laureate in economics Joseph Stiglitz American.
The government will raise more than 1,000 billion dollars a year thanks to the new law that taxed oil revenues when the price of a barrel of reference Brendt exceeds 70 dollars, announced official sources. The government will raise more than 1000 billion dollars a year thanks to the new law that taxed oil revenues when the price of a barrel of reference Brendt exceeds 70 dollars, announced official sources. The Minister of Energy and Petroleum, Rafael Ramirez stressed that the spirit of the law "seeks to capture the state, as the owner of the natural resource (oil), the extra revenue that is generated precisely by the shortage of the resource." The Minister of Energy and Petroleum, Rafael Ramirez stressed that the spirit of the law "seeks to capture the state, as the owner of the natural resource (oil), the extra revenue that is generated precisely by the shortage of the resource."
Ramirez explained that he had taken as reference price in dollars per barrel of crude Brendt because it is one of the indicators accepted unanimously in the global oil market. Ramirez explained that he had taken as reference price in dollars per barrel of crude Brendt because it is one of the indicators unanimously accepted in the global oil market.
The minister stated that the oil "has some extraordinary prices that have nothing to do with investments or the effort of the private (commercial), but mainly to the recovery of a natural resource that is scarce." The minister stated that the oil "has some extraordinary prices that have nothing to do with investments or the effort of the private (commercial), but mainly to the recovery of a natural resource that is scarce."
The law establishes a "threshold price" located in a barrel Brendt, 70 dollars. The law establishes a "threshold price" Brendt located in a barrel, 70 dollars.
If the price rises, companies operating in Venezuela must pay a special tax of 50 percent of the difference between the actual price and the 70 dollars. If the price rises, companies operating in Venezuela must pay a special tax of 50 percent of the difference between the actual price and the 70 dollars.
If the barrel exceeds $ 100, the tax will rise to 60 percent, which is the highest percentage to be charged irrespective of the level reached on that price. If the barrel exceeds $ 100, the tax will rise to 60 percent, which is the highest percentage to be charged irrespective of the level reached on that price.
Ramirez explained that there will be charged more than 60 per cent because then "firms would have losses", and "the idea is to share an equal share in the windfall." Ramirez explained that there will be charged more than 60 per cent because then "firms would have losses", and "the idea is to share an equal share in the windfall." EFE
There will be reasonable return There will be reasonable profit
"This tax allows companies have their reasonable profit on the basis of an extraordinary situation, and that the Venezuelan State capture the true worth by the perception of a resource that belongs to all Venezuelans," he added. "This tax allows companies have their reasonable profit on the basis of an extraordinary situation, and that the Venezuelan State capture the true worth by the perception of a resource that belongs to all Venezuelans," he added.
The minister also pointed out that profits will go to "social development projects, as well as other projects and infrastructure. The minister also pointed out that profits will go to "social development projects, as well as other projects and infrastructure. Tax will be charged monthly to oil companies by the ministry of Energy and Petroleum. The tax will be charged monthly to oil companies by the ministry of Energy and Petroleum.
The tax authorities levied 1000 1000 million more by price of oil
Thursday, April 10, 2008 Thursday, April 10, 2008
The president, Hugo Chavez, called for the 17 February the creation of such a tax and admitted that he took the idea of a Nobel laureate in economics Joseph Stiglitz American. The president, Hugo Chavez, called for the 17 February the creation of such a tax and admitted that he took the idea of a Nobel laureate in economics Joseph Stiglitz American.
The government will raise more than 1,000 billion dollars a year thanks to the new law that taxed oil revenues when the price of a barrel of reference Brendt exceeds 70 dollars, announced official sources. The government will raise more than 1000 billion dollars a year thanks to the new law that taxed oil revenues when the price of a barrel of reference Brendt exceeds 70 dollars, announced official sources. The Minister of Energy and Petroleum, Rafael Ramirez stressed that the spirit of the law "seeks to capture the state, as the owner of the natural resource (oil), the extra revenue that is generated precisely by the shortage of the resource." The Minister of Energy and Petroleum, Rafael Ramirez stressed that the spirit of the law "seeks to capture the state, as the owner of the natural resource (oil), the extra revenue that is generated precisely by the shortage of the resource."
Ramirez explained that he had taken as reference price in dollars per barrel of crude Brendt because it is one of the indicators accepted unanimously in the global oil market. Ramirez explained that he had taken as reference price in dollars per barrel of crude Brendt because it is one of the indicators unanimously accepted in the global oil market.
The minister stated that the oil "has some extraordinary prices that have nothing to do with investments or the effort of the private (commercial), but mainly to the recovery of a natural resource that is scarce." The minister stated that the oil "has some extraordinary prices that have nothing to do with investments or the effort of the private (commercial), but mainly to the recovery of a natural resource that is scarce."
The law establishes a "threshold price" located in a barrel Brendt, 70 dollars. The law establishes a "threshold price" Brendt located in a barrel, 70 dollars.
If the price rises, companies operating in Venezuela must pay a special tax of 50 percent of the difference between the actual price and the 70 dollars. If the price rises, companies operating in Venezuela must pay a special tax of 50 percent of the difference between the actual price and the 70 dollars.
If the barrel exceeds $ 100, the tax will rise to 60 percent, which is the highest percentage to be charged irrespective of the level reached on that price. If the barrel exceeds $ 100, the tax will rise to 60 percent, which is the highest percentage to be charged irrespective of the level reached on that price.
Ramirez explained that there will be charged more than 60 per cent because then "firms would have losses", and "the idea is to share an equal share in the windfall." Ramirez explained that there will be charged more than 60 per cent because then "firms would have losses", and "the idea is to share an equal share in the windfall." EFE
There will be reasonable return There will be reasonable profit
"This tax allows companies have their reasonable profit on the basis of an extraordinary situation, and that the Venezuelan State capture the true worth by the perception of a resource that belongs to all Venezuelans," he added. "This tax allows companies have their reasonable profit on the basis of an extraordinary situation, and that the Venezuelan State capture the true worth by the perception of a resource that belongs to all Venezuelans," he added.
The minister also pointed out that profits will go to "social development projects, as well as other projects and infrastructure. The minister also pointed out that profits will go to "social development projects, as well as other projects and infrastructure. Tax will be charged monthly to oil companies by the ministry of Energy and Petroleum. The tax will be charged monthly to oil companies by the ministry of Energy and Petroleum.
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