Venezuela's oil law reform to remove additional taxes for oil industry
Importance
Level 1
- To remove additional taxes for oil industry.
- To allow Income tax reduction for oil projects.
- To allow outsourcing of oilfield operation.
- To add new contract model to allow oil production sharing,
- To reduce royalties, introduce new 'hydrocarbon tax.
- To exclude National Assembly as contract approval entity.
- to add possibility of oil asset privatizations.
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