Maduro raises taxes after checking Chevron from Venezuela

Venezuela’s President Nicholas Maduro

Photo: Getty Images

The Venezuela’s government raises taxes and tariffs for public services for the private sector to compensate for the loss of income by increasing US sanctions and the exit of the Chevron oil and gas giant from the country.

About it reports Reuters Agency.

In February, Washington abolished key licenses for some partners and clients of the PDVSA state oil company, including Chevron, which allowed to export Venezuelan oil bypassing sanctions. The United States also imposed secondary sanctions against Venezuelan buyers.

Analysts estimate that these steps can reduce the country’s oil income, which in 2024 amounted to about $ 15 billion, by about 30%.

In response to the expected losses, the government began to demand advance tax payments, carry out more inspections, impose large fines, and allowed the local authorities and state services to raise tariffs.

According to ten entrepreneurs, this creates additional pressure on a business that is already suffering from a long economic crisis, high inflation and currency control.

In January, Maduro urged to double tax revenues, which amounted to $ 5.2 billion last year. Officials are instructed – in the first quarter, tax revenues increased by about 20%.

Maduro traditionally rejects US sanctions, calling them an « economic war ».

According to a survey of the Conindustria Industrial Association conducted in May, 77% of entrepreneurs called the tax burden by the main obstacle to their activities. About 60% of respondents do not plan to increase production in the near future.

Read also: Oil -dependent: As the richest by the deposits of black gold Venezuela raise ends meet

Recall:

Venezuela oil exports fell by almost 20%in April, up to 700,000 barrels a day, due to the cancellation of supplies to the company Chevron to the United States, forcing the vessels to turn around and left some ports empty.