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From: ms.smartest.person12/31/2005 12:13:59 PM
   of 3198
 
Seniat serves more oil producers with tax bills

Released : Dec 30, 2005 12:17 PM

Venezuela's tax authority Seniat has served four more foreign oil producers with claims for a total US$234mn in back taxes, according to reports by Reuters and Associated Press (AP).

Seniat hit French oil firm Total with a claim for US$107mn, Spanish oil firm Repsol YPF with a claim for US$113mn, Japanese firm Teikoku Oil with a claim for US$3.3mn and four consortiums owned by Brazil's federal energy company Petrobras with claims totaling US$10.5mn.

The claims are part of a broad effort by Venezuela's government to squeeze extra money out of oil companies by retroactively altering the tax rates for oil projects. The back taxes are part of an investigation into what government officials call "tax irregularities" in the energy sector.

Seniat singled out 21 foreign oil companies earlier this year as owing the government a total US$3bn. It plans to complete the process of serving the companies with claims corresponding to the 2000-2004 period by January 2006, a Seniat official told BNamericas in November.

The four Brazilian consortia, for example, allegedly filed inconsistent profit levels with differences adding up to US$20.9mn, AP quoted Seniat official Diana Vargas as saying.

The Brazilian consortiums have until January 22 to pay the tax claims, while the other companies have until January 13 or face strict fines, the news agencies reported.

The tax bills might be reduced on a case-by-case basis if companies are able to provide evidence in cases.

Copyright 2005Business News Americas

mworld.com
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