Taxation in Venezuela

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Tax collection is one of Venezuela”s main sources of income for the National Treasury, with 191,600 million bolivars ($30.4 billion) paid so far this year.

Suitcases of drug money arriving in South Florida are fueling legitimate commerce between Venezuela and the United States, even as ties between the two countries deteriorate, according to local and federal investigators.

In the face of rising political turmoil in the Middle East, the price of oil has been rocketing upwards, and the President of Venezuela Hugo Chavez is stepping forward to take advantage of the situation by raising the windfall tax on oil exports.

Venezuelan President Hugo Chavez ratcheted up an oil windfall tax in a move that raises government income ahead of a presidential election, but puts a heavy load on oil companies in the OPEC member state.

Pakistan and Venezuela have agreed to hold negotiation on a treaty for avoidance of double taxation applicable to trade, commerce and services between the two states.

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