Backatcha Bandit
is not taking your calls
http://www.busrep.co.za/index.php?fArticleId=3175036&fSectionId=552&fSetId=662Venezuela slaps British oil giant BP with back-tax bill
March 25, 2006
Caracas - Venezuela on Friday ordered British oil giant BP and one of its consortiums to pay $61.39 million in back taxes, the latest in a fiscal crackdown on mostly foreign energy companies.
A court earlier froze the accounts of Italian oil group Eni's local operations at the request of the tax authority Seniat, which is seeking $46.2 million in unpaid taxes for the period 2001-2004.
The Seniat said BP Venezuela Holdings Limited had accumulated its tax debt of $61.39 million during the same period.
The order also affects a BP affiliated consortium in Venezuela called Boqueron, it said.
The British company was given 15 days to pay or face fine increases of between 25 percent to 200 percent, the authority announced...
..Since mid-2005, the government of leftist President Hugo Chavez has strictly applied a 2001 law that increases the tax rate for oil companies to 50 percent from 36 percent.
Viva Chavez!
BPs annual profit was $16.2bn (£8.7bn), so I reckon they can afford it.




"there be dragons"