Bolivia threatens gas work with tax increase

05/16/2005
Bolivian lawmakers seem to want their country to remain one of Latin America’s poorest and least developed.They seem content with an economy that generated per capita income of an abysmal $914 in 2004.They seem to think life can get better when the economy grows little faster than the population does.The legislature on May 5 passed a hydrocarbons law that imposes a 32% tax on revenues at the wellhead atop an 18% royalty and that cancels a range of deductions.The changes might triple government revenue from oil and gas operations (OGJ Online, May 2, 2005). Although applicability to existing contracts remains in question, President Carlos Mesa Gisbert calls the legislation “suic...
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