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Bolivia to review taxes of oil companies
Petroleumworld Bolivia
LA PAZ
Petroleumworld.com 03 30 06Following Venezuela's example, Bolivia announced an investigation into the books of all oil companies in the country.
National Taxation Service President Emigdio Caceres said they expect a Supreme Court decision on the 200 million dollar suit against oil companies in debt since 2003.
There is also a court case against the Andina oil company, a branch of the Spanish transnational Repsol. President Morales confirmed that those who invest in Bolivia must abide by national laws.
In addition, on Wednessday, Energy Minister Andres Soliz said that an 60 to 70 percent tax increase for oil transnationals that have already recovered their investments, and a balanced treatment for those who have not yet done so, reported ABI news agency.
Soliz made his statement in welcoming the Foreign Minister of Holland Bernard Bot, adding that the visitor offered technical cooperation for oil contracts and its intricate technicalities.
Soliz also said his ministry will perform audits to gauge volume of investments, production costs, and net profits to determine whether the corporations are able to meet the new taxes.
The 2005 Oil law raised oil taxes and royalties from 18 percent to 50 percent.
President Evo Morales explained the official plan to nationalize oil and impose State rights on the resource, affecting neither property nor corporate presence, so as to be able to trade as partners.
Minister Soliz also announced special regulations for companies exploiting small and marginal fields that could not withstand high taxes.
The audits will also help Bolivia sign new contracts with the companies and replace the old ones signed under neoliberal laws.
Petroleumworld 30 03 06Copyright © 2006 Petroleumworld. All Rights Reserved.
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