IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 20 Feb 2013 | Removal date: open ended
Still in force

Internal taxation of imports

On 28 January 2013, the government announced that it plans to reduce levies on the oil industry by changing rules on the so-called windfall tax that will now only be triggered when crude and its derivatives trade above USD 80 a barrel, instead of USD 70 a barrel. The purpose of this change is to channel foreign currency from a domestic development fund to the Venezuelan Central Bank in order to provide currency for additional imports.
 
The windfall oil price tax establishes a special contribution which is payable by companies exporting certain hydrocarbons including liquid hydrocarbons, both natural and upgraded, and their derivatives. The tax revenues are than collected in a domestic development fund.
 
The measure was effective on 20 February 2013 with the publication of the according law in the Official Gazette.

AFFECTED COUNTRIES

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AFFECTED SECTORS AND PRODUCTS

333 Petroleum oils & oils of bituminous materials, other than crude
2710 Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic con
271012 Light oils and preparations
271019 Other
271020 Petroleum oils and oils obtained from bituminous minerals (other than crude) and preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from bituminous minerals, these oils being the bas

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