Venezuela Raises Taxes on Private Sector to Offset Falling Oil Revenues

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Faced with falling oil revenues and tightening US sanctions—including the termination of Chevron's license in Venezuela—the government of Nicolás Maduro opted to shift the financial burden to the private sector by increasing taxes and utility rates. The measure seeks to offset the loss of foreign currency, but threatens to stifle companies that still operate in an already adverse environment. More taxes for the increasingly weak private sector i…

El Impulso

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The Government of Venezuela has significantly increased the collection of taxes and the adjustment of public service tariffs to the private sector as a strategy to compensate for the fall in oil revenues The entry Venezuela increases the collection of taxes on the private sector after the fall of oil revenues #2Jun was first published in El Impulso.

larepublica.co

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The Government would be increasing tax collection and adjusting rates for services to businesses and businesses to compensate for the decline in oil revenues

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The Venezuelan government has announced increases in private sector taxes and utility fees to offset falling oil revenues after the tightening of US sanctions. According to company executives and analysts, the measures will hit private businesses hard, which are already struggling, writes Reuters. In February, the United States revoked key licenses for a handful of partners and customers of state oil company PDVSA, including US concern Chevron, …