ESPACIO PUBLICITARIO
CARACAS, Monday February 25, 2013 | Update
 
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FINANCE

USD 2.24 billion for Venezuela's Treasury Office upon oil tax reform

Government expenditure is expected to soar amid additional income

The Government has obtained some USD 1.46 billion in additional loans in two and a half months (File photo)
MAYELA ARMAS H. |  EL UNIVERSAL
Monday February 25, 2013  04:51 PM
Venezuela's recent reform of the tax on oil windfall revenue not only guarantees increased sales of US dollars to the central bank by state-run oil company Pdvsa, but also additional resources for the Treasury.

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
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They are marching in step to the same tune. There is a coordinated effort to position the idea. The Twitter hashtag  #YoSoyVictimaDeLaGuarimba (I'm a victim of "guarimbas", or protest barricades) can be read on all pro-government Twitter accounts, including those of the ruling United Socialist Party of Venezuela (PSUV), the National Assembly's Press Office, the state-run food distribution network PDVAL, state airline Conviasa, the Venezuelan embassies in foreign countries, radio stations and the huge media network responsive to the Government's interests and messages.

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