Venezuelan Parliament passes reform of law on oil windfall revenues
Under the law adopted by the legislature, a higher amount of US dollars will have to be delivered to the central bank via oil-related royalties and taxes
The bill, introduced by deputies of the ruling United Socialist Party of Venezuela (PSUV) on Tuesday, provides for the redistribution of the tax aliquot and an increase in the delivery of US dollars to the Central Bank of Venezuela (BCV).
The approved reform also empowers the Executive Office to approve exemptions on certain new production and secondary recovery oil projects.
Ever since last March 9, when US President Barack Obama issued an Executive Order declaring Venezuela an "unusual and extraordinary threat" to the United States, the Venezuelan government has screamed denunciations of supposed plans of invasion or military incursion by the United States.