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 information service.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
Land Specialist - Delaware Basin
Expertise: Landman
Location: Midland, TX
 
Health & Safety Compliance Specialist III
Expertise: Environmental, Safety & Training|HSE Manager / Advisor|Regulatory Compliance
Location: Ignacio, CO
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours