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From: allevett	5/30/2005 7:19:08 PM
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30/05/2005 Venezuela: Most foreign oil companies will pay back taxes Most of the 22 foreign oil companies that owe back taxes to the Venezuelan government have agreed to pay up, the country's tax agency chief said. In comments reported Sunday by the state-run Bolivarian News Agency, tax agency chief Jose Vielma Mora said officials plan a meeting Thursday with diplomats and oil company representatives to discuss the payments. He said most of those companies have already decided to pay what they owe, according to the news agency. Officials have estimated the amount owed by oil companies with 32 operating agreements in Venezuela at some $2 billion for a period spanning the past 10 years, Vielma Mora said. Oil Minister Rafael Ramirez has previously said firms that run the agreements owe some $3 billion in back taxes, and that firms with heavy crude upgrading projects in the Orinoco tar belt owe more than $1 billion in unpaid royalties. Representatives of major oil companies in Venezuela have yet to announce how they will respond to the claims of owed taxes. But Royal Dutch/Shell Group Chief Executive Jeroen van der Veer told reporters in Washington last week that the company would readily put more money in Venezuela to add to its investment in oil production if the investment climate is right. Venezuela is the world's fifth largest oil exporter and a major supplier to the United States. Its government is currently negotiating with various companies to adjust standing agreements so they meet the rules of a new energy law. President Hugo Chavez also recently announced the government would reclassify the income tax charged to oil companies operating in Venezuela to 50%, up from a previous 32% preferential rate.

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