Venezuela's Congress approves new tax on windfall oil profits
By JERUSALEM POST STAFF
Venezuela's Congress has approved a law forcing foreign oil companies to pay a tax on windfall profits when crude tops US$70 a barrel.
Lawmakers say the measure imposes a 50 percent tax when the average monthly price for benchmark Brent crude exceeds that amount. Foreign companies will pay a 60 percent rate when the index goes above US$100 a barrel.
The law received final approval Tuesday.
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