Venezuela published the Law on Reforms of the Organic Law on Hydrocarbons in Extraordinary Official Gazette No. 6.978 of 31 January 2026. The reforms effectively end the State monopoly on the oil industry in Venezuela, creating a more flexible, competitive, and attractive environment for private and foreign investment. Key tax reforms are summarized as follows:
- A new integrated hydrocarbon tax is introduced that is calculated on monthly gross revenues at a rate of up to 15%, with the Nation…