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BP incurs Venezuelan tax bill

Date Class
27th Mar 2006 Fraud Investigation
Venezuela has served UK oil giant BP with a $61.4m (35m) back tax bill.

The Seniat, which regulates taxes for the south american country said the amount was owed for the period 2001 and 2004.

BP confirmed the bill had been given to its BP Venezuela Holdings unit and that it was in talks with tax officials.

Venezuela's left-wing President Hugo Chavez is demanding foreign oil firms pay more taxes and give up majority control over their Venezuelan ventures.

In the early 1990s Venezuela signed 32 operating agreements with private companies at a tax rate of 34%.

But last year Mr Chavez decided the agreements should have set a rate of 50% and intends to use the additional funds for social spending.




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