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.
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.