Changes to the petroleum resource rent tax (PRRT) announced today by the Commonwealth must be assessed carefully by Australia’s oil and gas industry, said the Australian Petroleum Production & Exploration Association (APPEA).“Attracting investment…
New tax measures aimed at making it more attractive for North Sea oil and gas assets to change hands have been welcomed by industry. In his Budget statement made in the UK Parliament yesterday (22 November), the Chancellor of the Exchequer Philip Hammond…
Mid-March, the UK Government made a headline grabbing announcement – taxes would be halved for the ailing North Sea industry. Chancellor George Osborne said he would cut a supplementary charge on operators (a tax in addition to corporation tax) from 20% to 10%…
North Sea producers have been given a tax break in the UK Government's 2016 Budget, announced today. Amid falling oil prices, high costs and falling production, Chancellor George Osborne had already made some tax reductions and created…
UK North Sea industry trade body Oil & Gas UK set out a string of tax change proposals which it says could help boost the ailing industry’s competitiveness and investors confidence. The calls for urgent tax reform follow the trade association’s latest activity report…
In a battle between the Australian Tax Office (ATO) and Chevron in the Australia federal court, the US supermajor lost and will have to pay more than US$232 million (A$322 million) in back taxes, in addition to fines. Wheatstone…
There has been much uncertainty in recent years around the tax relief available to companies as part of the decommissioning process, as a result of a constantly changing UK tax regime. Oil and gas companies have commonly been required…
Exploration and appraisal activity in the North Sea doubled in the opening three months of the year following the UK Chancellor’s industry tax cut, new figures reveal. Data published by the Department for Energy and Climate Change (DECC)…
International accountant and shipping adviser Moore Stephens says companies in the offshore maritime sector could be among those hit by a 25% Diverted Profits Tax (DPT) charge under draft UK legislation scheduled to enter force in April 2015…
While positive measures have been taken to attract investment in the UK’s exploration and production (E&P) sector, low oil prices and the country’s high tax burden mean that more significant changes are required to make new developments commercially viable…
Business taxes: What could be in the Chancellor’s Red Box? Cathy Taylor, EY’s tax partner in Cambridge comments on her business tax predictions for the Chancellor’s Autumn Statement. “In the last Autumn Statement before the general election…
Following evidence submitted to the Treasury for its recent consultation on the North Sea tax regime, Oil & Gas UK has this week made a further representation, repeating calls for urgent reform in light of escalating industry costs and the falling oil price…
Colombia’s oil industry has railed against a proposed tax reform presented on Saturday to the country’s congress, Reuters reported. The proposed regime aims to raise $53 trillion Colombian pesos (just over US$26 billion) from 2015-2019. Image…
The UK Government has launched a consultation into a proposed tax allowance to encourage investment in ultra-high-pressure, high-temperature (uHPHT) oil and gas fields in the UK North Sea. The allowance could reduce the tax on a portion of a company's profits from 62% to 30%…
Industry body Oil & Gas UK has welcomed HM Treasury’s plans to launch a formal consultation into the future of the UK offshore oil and gas tax regime. The trade body says it believes the sector faces an uncertain future and that the tax review is therefore now urgently needed…
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