Senate supports 40% income tax on oil

In a correction to a story broadcast on Wednesday, News Five has been informed that the Senate has passed legislation regarding the income tax on the oil industry. According to Conrad Lewis, Clerk of the National Assembly, on October twenty-fourth the Senate essentially agreed with the bill proposed by the House of Representatives of a forty percent income tax rate for oil producers. There was one amendment to the document, as the Senate has proposed that the tax be paid in U.S. dollars. The bill will go back to the House at its next session and if the members agree on the change, it can go directly to the Governor General to be signed into law as the document has already passed through the required three readings. Lewis has also confirmed that the bill is retroactive to January 2006.