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Oil&GasNews: Shell hit by $18m tax tab

CARACAS
4 December 2006

Venezuela has hit Royal Dutch Shell with a $17.7 million tax tab, the nation’s Seniat tax authority said.

The Seniat said in a statement that the charge related to “transfer prices,” part of a broad investigation into income tax payments. Shell was not immediately available to confirm or explain the bill.

A Seniat official said the agency had found irregularities in interest payments on loans from branches of Shell outside Venezuela.

Shell is partnered with state oil company PDVSA in a joint venture that operates the Urdaneta Oeste crude field in western Venezuela.

Venezuela since last year has levied more than $700 million in taxes on companies operating the nation’s oil fields.

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