Venezuela hits Chevron with $75M tax bill

Chevron Corp. in Venezuela said it would pay $75 million in back taxes from the years 2001-2004, El Nacional reported Thursday.

Chevron officials said they reviewed the demand from Venezuelan tax authorities, though hey refused comments on the specifics of the case.

Venezuelan President Hugo Chavez has in recent months hit several oil companies with bills for back taxes.

Recently the leftist leader ordered that the taxes on revenue for foreign oil companies operating in Venezuela be raised from 34 percent to 50 percent.