VENEZUELA ENERGY IN FIGURES - Servicios IESA

FISCAL FRAMEWORK
Income Tax (Income Tax Act)
Stock companies and taxpayers assimilated to them, engaged in activities other than those mentioned
in Article 11, will pay tax on all net enrichments, based on the rate provided for in Article 52 and set tax rates
in their paragraphs (Article 9).
Are excluded from the regime provided by Article 11 and 53 paragraph b (proportional rate of fifty percent),
companies engaged in integrated activities or not, of non-associated gas exploration and exploitation,
processing, transportation, distribution, storage, marketing and export of gas and its components (Article 11).
Tax rate on tax units (UT) (Article 52):
To the fraction included up to 2,000.00: 15 percent
For the fraction exceeding 2,000.00 and up to 3,000.00: 22 percent
For the fraction exceeding 3,000.00: 34 percent
Royalty (LOHG, Article 34)
From the volumes of gaseous hydrocarbons extracted from any reservoir, and not reinjected, the State
is entitled to a share of twenty percent (20 percent) as a royalty.
Required by the National Executive in cash or kind, if none is specified, it is assumed to be received in cash.
In case of receive it in kind, the National Executive may use for transport and storage purposes, the services
of the operator, which shall supply to the location as directed by the National Executive, who will pay the
price to be agreed for such services.
In case of receive it in cash; the operator must pay the price of the corresponding gaseous hydrocarbon
volumes, calculated at market value in the field of production.
Exploration and exploitation licenses granted after conversion services agreements in
March 2007
Social investment: one percent of the value of non-associated gas.
Special Consideration for the state: ten percent of the value of non-associated gas.
Annual surface income: a tax unit per hectare.
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