Venezuela's Tax Authority: Only Eni, Open Have Paid Nothing
Of the 20 or so oil companies whose 2001-2004 tax payments were rejected by Venezuela's tax authority Seniat, only Italy's Eni (NYSE: E) and local firm Open have not paid anything, tax authority officials told BNamericas, confirming local media reports.
Seniat says Open owes it 2.5bn bolivares (US$1.16mn) and Eni some 140bn bolivares. At the heart of the conflict is Seniat's argument that oil companies have been using the wrong tax rate of 34% instead of 50%.
Seniat won a court order against Eni from a Caracas judge that can be used to seize both physical assets and bank accounts, according to the tax authority.
Until March 30 the companies concerned had paid some US$74mn to Seniat but that figure has increased of late. US major Chevron (NYSE: CVX) alone has paid 108bn bolivares thus far, while France's Total (NYSE: TOT) has paid Seniat 110bn bolivares.
Visit BNamericas to
access our real-time news reports, 7-year archive, Fact File company
database, and latest research reports. Click
here for a Free two week trial to our Latin America Oil & Gas
Operates 12 Offshore Rigs
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
- Eni Inks Cooperation Deal With China's CNPC (Sep 13)
- Italy's Eni Confident Of Dividend Even With Lower Oil Prices (Jul 28)
Company: Open more info
- CVP Inks JV with Locals CIP, Open (Aug 21)
- Assembly Receives PDVSA JV Contracts for Final Vote (May 04)
- Venezuela's Tax Authority: Only Eni, Open Have Paid Nothing (Apr 12)