Country Report
Venezuela upstream fiscal summary
Report summary
The Venezuelan fiscal system has been transformed during the past ten years, culminating in the current ‘empresa mixtas' system: joint ventures between the state oil company, with a majority interest, and other investors, under concession terms. Royalty and income tax are payable, with lower rates for gas than oil, and a windfall tax is levied on oil revenues if the oil price exceeds $70/bbl. In addition, a number of minor levies are applicable to oil revenues and total tax payments must be...
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Additional petroleum taxes
- Corporate income tax
- Product pricing
- Summary of modelled terms
- Recent history of fiscal changes
- Stability provisions
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes 20 images and tables including:
- Timeline
- Timeline details
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate and minimum state share - Oil
- Effective royalty rate and minimum state share - Gas
- Maximum government share and maximum state share - oil
- Maximum government share and maximum state share - gas
- State share versus Pre-Share IRR - oil
- State share versus Pre-Share IRR - gas
- Investor IRR versus Pre-Share IRR - oil
- Investor IRR versus Pre-Share IRR - gas
- Bonuses, rentals and fees
- Indirect taxes
- Royalty rates
- Assumed terms by location - oil
- Assumed terms by location - Gas
What's included
This report contains:
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