Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Teddy who wrote (14751)	3/13/1998 2:15:00 PM
From: Lucretius	Read Replies (1) of 95453

Friday March 13, 10:54 am Eastern Time Venezuela to boost taxes as oil squeezes budget CARACAS, March 13 (Reuters) - Venezuela will increase taxes rather than cut spending to stop its budget deficit widening, Planning Minister Teodoro Petkoff said, local papers reported Friday. As government revenues continue to suffer from falling oil prices, Petkoff also said the government would remove exemptions from its 16.5 wholesale tax rather than introduce a Value Added Tax -- which would take longer to implement. ''With oil prices $2 below those we budgeted, the wholesale tax rate will remain the same but with exemptions removed,'' Petkoff told financial daily Economia Hoy. Venezuela has already slashed $2.6 billion from planned spending this year as it struggles to cope with slumping oil prices that fell to nine year lows this week. Oil revenues account for over one half of government income and Petkoff did not rule out the possibility of further cuts if oil prices continued to fall. The government had earlier mooted the introduction of a Value Added Tax, but Petkoff said eliminating exemptions on the wholesale tax was more likely.

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