Venezuela Draft Oil Law Grants Ministry Authority Over Tax and Royalty Rates
Under a new draft hydrocarbons law, Venezuela's government will retain the authority to set tax and royalty rates for private and foreign oil investors on a project-by-project basis. The regulation shifts power from the National Assembly to the Ministry of Hydrocarbons in approving energy contracts and modifying terms such as taxes and royalties.
Topics: foreign investment hydrocarbons law taxation Venezuela