Venezuelan partners face tax or spend choice

摘要

Venezuelan oil windfall tax reforms aimed at easing state-run PdV's fiscal burden at the same time as boost- ing its hard currency payments to the central bank will also give PdV more scope to pressure its joint venture partners into boosting their share of spending. The national assembly on 20 February approved a wind-fall oil profits tax reform as part of a broader effort to replenish the country's dwindling hard currency reserves. While PdV will make higher transfers to the central bank, it will cut its direct transfers to the country's Fonden development fund. The Fonden, managed by the finance ministry, has since 2006 handled an estimated $102bn of PdV payments into Venezuela's infrastructure and social programmes. But oil firm expects its Fonden contribution to drop by $13bn this year as a result of the tax reform.