Foreign Relations of the United States, 1958–1960, Volume V, Microfiche Supplement, American Republics

VE–27. Despatch from the Ambassador in Lebanon (McClintock) to the Department of State¹

No. 576.

Beirut, April 3, 1959

SUBJECT

• Publication in Arabic of the Recently Enacted Income Tax Law in Venezuela

In an effort to win friends and influence people, Mr. Bernardo FLORES, Venezuelan Minister to Lebanon, has announced the publication in Arabic of the new “Income Tax Law”, which has had such a serious effect on the foreign oil companies doing business in Venezuela.

There follows a translation from the original French of the article which appeared in the afternoon daily “Le Soir” of March 17, 1959, announcing that an Arabic text was now available.

LAW AN INCOME TAX IN VENEZUELA JUST PUBLISHED IN ARABIC LANGUAGE

In its Arabic publication series of economic laws in Venezuela, the Legation of this country in Beirut, headed by H.E. Mr. Bernardo Flores, Minister Plenipotentiary, has just published the new “Income Tax Law” promulgated lately by the President of the Republic of Venezuela, Mr. Romulo Betancourt, who was the first precursor of the economic rule of “fifty-fifty” (50%–50%) on the Venezuela oil revenues.

In his preface, written especially for the Arabic edition, Mr. Flores writes: “Venezuela, which considers the Arab Nation as a sister country to which many bonds attach it socially and humanely, hopes that the present translation will be of use to the Arab states, and that it will lead to an understanding of the juridical-economic measures adopted in Venezuela, as well as to their excellent results.”

1. Source: Department of State, Central Files, 831.112/4–359. Unclassified.