Future earnings: Venezuelan oil minister, Rafael Ramirez
Caracas counts on $9bn windfall tax cash
Venezuelan Oil Minister Rafael Ramirez said the country expects to rake in about $9 billion per year now that a windfall tax upping Caracas' cut of oil revenues when prices rise over $70 per barrel is due to come into effect.
The government will take in about 92 cents for every extra dollar when world prices are above $70 a barrel and then 97 cents when they are above $100 a barrel, Ramirez told Reuters.
"Through the concept of this tax, there's going to be income around $9 billion (per year),” said Ramirez.
He added revenues would total about $770 million a month, with an average of between $150 million and $200 million a week.
President Hugo Chavez wants the funds to be spent immediately on social programmes. Venezuela is due to hold a general election later this year.
The bill is expected to become law within days, a Reuters report added.