Venezuela's deficit estimated at USD 11.40 billion
Additional revenues are partly offsetting financial imbalances
The report on the economic and financial impact of the reform of Law on Special Contribution for Windfall and Exorbitant Oil Prices reveals that the central Government faces a gap between income and expenditure early this year of USD 11.40 billion.
It is highlighted that the additional funds resulting from the change in the distribution of the oil windfall tax will be partially oriented to reduce the deficit.
The report produced by the Venezuelan National Assembly is based on the figures provided by the oil industry. The document shows that the tax reform guarantees some USD 2.24 billion to the Treasury -"an amount that allows reducing part of the deficit and avoiding the need to take on new debts."
Translated by Jhean Cabrera
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.