Tax & Legal

The recent reform of the hydrocarbons regulatory framework in Venezuela continues to evolve through new provisions that redefine operational, fiscal, and tax-related aspects of the sector. In this edition, we present an analysis of three key regulatory instruments that complement the Organic Hydrocarbons Law: the new Regulations of the Law, the rules applicable to the Integrated Hydrocarbons Tax (IHT) for non-primary activities, and the royalty and IHT regime applicable to primary activities. These measures establish new obligations for industry operators, introduce mechanisms for determining and paying petroleum revenues, and consolidate a framework aimed at strengthening tax oversight and the economic sustainability of hydrocarbons projects in the country.

Discover the main changes and considerations arising from these provisions and their impact on companies participating in Venezuela’s hydrocarbons value chain.

Issue 49 | Regulations of the Organic Law on Hydrocarbons

The new Regulations of the Organic Hydrocarbons Law implement the 2026 hydrocarbons reform and introduce significant operational, fiscal, and regulatory changes. The regulation strengthens oversight mechanisms, governs the new royalty and Integrated Hydrocarbons Tax (IHT) framework, incorporates provisions to preserve the economic and financial balance of projects, and establishes new obligations for sector operators. 

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Issue 50 | Standards to determine, file and pay the Integrated Tax on Hydrocarbons (IIH) applicable to activities involving improvement, refining, industrialization, commercialization and specialized oil services

The new Integrated Hydrocarbons Tax (IHT) regulations establish the rules for determining, filing, and paying the tax on upgrading, refining, industrialization, commercialization, and specialized oilfield service activities. The regulation sets differentiated tax rates according to the activity performed, defines the taxable bases, and establishes compliance obligations for taxpayers within the sector. 

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Issue 51 | Standards for determination, filing and payment of royalty and Integrated Tax on Hydrocarbons applicable to primary activities

Resolution No. 024/2026 develops the regime applicable to royalties and the Integrated Hydrocarbons Tax (IHT) for primary hydrocarbons activities. The regulation introduces an aggregated rate system based on the type of project, governs the determination of petroleum revenues, and establishes mechanisms to adjust the tax burden in order to preserve the economic viability of operations.

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