MB Civic

Fabiola Sanchez of the AP reports ..

A 20 per cent tax will be in effect when the price of a barrel of Venezuelan oil is between $40 and $70 a barrel .. When the price is between $70 and $90, the tax rises to 80 per cent. Between $90 and $100, the tax reaches 90 per cent, and if the price tops $100 a barrel, a 95 per cent tax will be imposed .. The tax will be imposed on Venezuela’s state-run oil company as well as foreign oil firms operating in Venezuela’s crude-rich Orinoco Belt .. If Venezuelan crude remains above $90 throughout 2011, an estimated $9 billion will be funneled into a development fund .. If Venezuela’s oil prices top $110, an estimated $16.3 billion could be collected .. revenue from the tax will not used for investment in the oil industry, but rather will be funneled into the government’s social programs and projects aimed at improving health care, education, housing, agriculture and infrastructure

the kind of news you’d like to hear in this country – mab .. read more