Venezuela Introduces One-Year Exemption on Income from Hydrocarbon Production Activities
Venezuela had published Decree No. 3.569 of 1 August 2018 in the Official Gazette. The Decree provides an income tax exemption on income from hydrocarbon productions activities for the Venezuelan state-owned oil and gas company Petróleos de Venezuela S.A. and its affiliated companies, and for joint ventures, whether resident or not in Venezuela. For this purpose, records of the relevant costs …
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