Tax Authority: Shell Owes US$11.8mn in Back Taxes

The Venezuelan subsidiary of Anglo-Dutch oil major Shell (NYSE: RDS-B) owes Venezuela 38.1bn bolivares (US$11.8mn at market rates) related to "transfer prices" from fiscal year 2005, tax authority Seniat said in a statement.

Shell has a joint venture with state oil firm PDVSA for production on the Urdaneta Oeste field in western Venezuela's Zulia state.

This retroactively applied measure represents the first time Seniat has called for compensation-related to transfer prices.

Seniat increased tax rates for oil companies to 50% from 34% in 2005.

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