MINISTRY PROPOSES EASING PDVSA TAX BITE

Venezuela's Ministry of Mines and Energy has proposed that legislation be drawn up soon to phase down the tax bite on state oil company Petroleos de Venezuela SA. Pdvsa, which pays more than 82% of its operating profits in taxes, has been forced to slash capital and operating budgets and defer some projects because of the cash squeeze caused by its tax burden. The new law would phase out in 1993-96 the export value system, which taxes Pdvsa oil revenues at a price higher than the price

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