USD 2.24 billion for Venezuela's Treasury Office upon oil tax reform
Government expenditure is expected to soar amid additional income
Based on the economic and financial report of the tax reform, produced by the National Assembly, the Government will receive additional USD 2.24 billion due to the move.
The estimate surpasses that of Pdvsa, which calculated additional income for the Treasury at USD 318.08 million.
The approved reform will allow the Executive Office to keep up the spending pace reported in 2012.
Analysts are confident that the higher the income, the higher the expenditures. Apparently, there is no chance of cutting expenditure. Back in January, spending jumped 67% as against a year earlier.
Likewise, the volume of extraordinary operations in 45 days accounted for USD 1.46 billion. In other words, the official budget that began at USD 62.9 billion in 2013 is now at USD 64.5 billion.
Translated by Jhean Cabrera
A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.