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Chavez demands foreign oil
companies pay taxes
Venezuela's President Hugo
Chavez said on Sunday that many
private oil companies have been
evading taxes for years, and
they must be charged
retroactively with interest on
any debts.
"If they don't pay, they must
leave. They have to follow
Venezuelan law," he warned.
According to Venezuelan law, oil
companies must pay a 30 percent
royalty, but companies producing
expensive heavy crude, were
allowed to pay 1 percent royalty
until last year, when the
government raised it to 16
percent.
Officials say many declare
losses to avoid paying income
tax, and as many as 2 billion US
dollars may have evaded.
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