Harvest Agrees to Comply with Tax Rates
Harvest Vinccler, the Venezuelan unit of US oil and gas company Harvest Natural Resources (NYSE: HNR), has agreed to pay back taxes to Venezuela's tax authority Seniat, the latter said in a statement.
Seniat in July 2005 ordered Harvest to pay more than 202bn bolívares (US$94mn at the official rate) as a result of a retroactive increase in tax rates to 50% from 34% for oil companies.
The company initially contested the increase, but has since paid Seniat 157bn bolívares, Seniat said.
Harvest late last year became one of the first private oil companies to enter into a E&P joint venture dominated by state oil firm PDVSA. The company has been operating since without interruption.
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.
- Harvest Agrees to Comply with Tax Rates (Nov 17)
- Tax Authority Asks for US$15mn from Five Oil Companies (Sep 08)
- Harvest and CVP Sign MOU Defining Assets for Venezuelan Mixed Company (Aug 21)