Stories that are tagged 'oil and gas'

	Ireland Mulls New Tax Regime For Oil And Gas 5/14/2012 The Joint Committee on Communications, Natural Resources and Agriculture of the Irish parliament has recommended a new fiscal licensing regime and greater public consultation on offshore oil and gas exploration in a new report.
	Russia Hikes Gas Tax, Rethinks Luxury Tax 5/4/2012 The Russian government has confirmed proposals to hike the tax paid by natural gas extractors, hitting both the majority state-owned Gazprom as well as private ventures.
	Bahrain Urged To Explore Long-Term Tax Reform 5/1/2012 Bahrain should look to introduce a corporate income tax or value-added tax to stabilize the country's finances, the International Monetary Fund has said.
	Russia To Guarantee Low Taxes On Arctic Oil Projects 4/24/2012 Russia has reacted to industry lobbying with the announcement of a 'globally competitive' tax regime to facilitate the extraction of substantial oil reserves lying offshore in the Arctic Circle as Russia's onshore deposits decline.
	Russia Hints At Higher Gas Company Taxes 4/19/2012 Russian Prime Minister, and President-elect, Vladimir Putin has announced that taxation will be hiked on gas projects to more fairly distribute the tax burden.
	Algeria Eyes Changes To Tax On Foreign Oil Companies 4/17/2012 Determined to secure new exploration projects and to meet the country’s natural gas export targets over the coming years, Algeria’s Energy Minister Youcef Yousfi has recently announced details of plans to modify the current provisions pertaining to the taxation of the projects of foreign oil companies.
	US Congress Agrees Short-Term Highways Funding Fix 4/3/2012 On March 30, the day before funding for the infrastructural programmes of the United States Federal Highway Trust Fund ran out on April 1, President Barack Obama announced that he had signed into law the Surface Transportation Extension Act of 2012, which provides a three-month extension until June 30, 2012.
	No New Taxes In Budget For Canadians 3/30/2012 The Canadian government has left tax rates on hold for another year in the 2012 Budget, announced by Finance Minister Jim Flaherty on March 29.
	US Senate Bill To Repeal 'Big Oil' Tax Breaks 3/29/2012 The Democrat-led United States Senate has voted to allow a debate on the Repeal Big Oil Tax Subsidies Act, which would end certain tax breaks for the largest oil companies, and use the tax saved to extend, for one year, expiring energy tax provisions and reduce the country’s fiscal deficit.
	Gazprom Faces Russian Tax Hike 3/27/2012 Russia is considering a 'windfall tax' on extraordinary profits due to be made by the majority state-owned, gas extraction monopoly Gazprom to fund government spending pledges made by Russian Prime Minister Vladimir Putin as part of his re-election manifesto.
	Philippines Will Not Cancel VAT On Oil 3/19/2012 Despite political and transport industry pressure following further increases to the domestic price of oil products, the Philippines government has insisted that the 12% rate of value-added tax on oil products will remain.
	US Senate Passes Highways Tax Bill 3/16/2012 On March 14, the United States Senate passed, on a bipartisan basis, a bill to provide for an extension of highway-related taxes and the funding of infrastructural spending by the Federal Highway Trust Fund, which included an anti-tax haven amendment.
	Russia Lines Up Heavy Crude Export Tax Relief 3/9/2012 The Russian government is considering the introduction of a significant new tax concession to make expensive extra-heavy crude extraction and refinement projects more viable, to boost the nation's export capacity.
	Vietnam Continues To Cut Fuel Import Taxes 3/7/2012 On March 2, with immediate effect, Vietnam’s Ministry of Finance issued a new circular which eliminated the 5% import tax on natural gas, propane, ethylene and other gaseous hydrocarbons.
	Concern Expressed At Drop In Mexican Oil Revenues 3/6/2012 During a recent speech to the Mexican Stock Exchange, Federal Reserve Bank of Dallas President and CEO, Richard W. Fisher, has expressed concern at Mexico’s declining oil production and revenues.
	Fuel Tax Cuts Ruled Out In France 3/2/2012 French Finance Minister François Fillon has recently ruled out the idea of 'blocking' fuel prices, which have reached record levels in France, and of reintroducing a 'floating' tax on fuel to curb excessive fluctuations in the price of petroleum products.
	Philippines Issues New VAT Rules 3/1/2012 The Philippines Bureau of Internal Revenue has recently issued revenue regulations which affect the payment of value-added tax on the import of oil products and the sale or leasing of property.
	France Cuts Fuel Tax In Reunion 3/1/2012 The French overseas ministry has recently confirmed that fuel prices will be reduced in the island of Réunion by 8 cents per litre from March 1 until the end of the year, following a tax agreement reached with the French department’s local authorities.
	UK Tax Revenues Below Expectations 2/28/2012 Growth in the UK's tax revenues was significantly lower than forecast, largely due to a fall in value added tax and weak self-assessment receipts.
	UK To Cash In On Falklands Oil Discovery 2/24/2012 The governments of the Falkland Islands and the United Kingdom stand to benefit from as much as USD167bn in windfall taxes according to a new report on oil and gas deposits thought to lie in the maritime area surrounding the Falkland Islands.
	Vietnam Cuts Fuel Import Taxes 2/23/2012 On February 21, with immediate effect, Vietnam’s Ministry of Finance issued a circular which cuts import tax on gasoline, solvents, aviation fuel, diesel and kerosene.
	Obama Proposes Corporate Tax Cut 2/24/2012 The United States Treasury has issued a report presenting President Barack Obama’s revenue-neutral proposals for corporate tax reform, cutting the tax rate to 28% from the current 35% rate, but also closing loopholes used by corporations to reduce their tax burdens.
	Philippines Targets Higher Mining Tax Revenue 2/21/2012 The Finance Secretary Cesar Purisima has disclosed that the Department of Finance is looking at how tax revenues can be increased, within the government’s review of its mining sector policies in the Philippines.
	Putin Aims To Please With 'Oligarch' Windfall Tax 2/15/2012 To stem falling support in the run up to presidential elections, Russian Prime Minister and presidential candidate Vladimir Putin has suggested that Russia's wealthiest individuals should pay a windfall tax on gains made since the 1990s when state enterprises were rapidly privatized upon the dissolution of the Soviet Union.
	Obama Produces Election Budget 2/15/2012 United States President Barack Obama has announced his proposed budget for the next fiscal year beginning on October 1, which, with over USD1.5bn in net new revenue from taxes on the wealthy and more spending on job creation and education, will provide his platform for re-election.
	Indonesia Targets Lower Deficit 2/8/2012 It can be expected that power prices will increase in Indonesia by around 10% in April this year, following a proposal for a reduction in subsidies by the government to contain its fiscal deficit.
	Tax Dispute Delays Ugandan Oil Stake Sales 2/2/2012 Tullow Oil’s sale of stakes in its Ugandan oilfields to Total of France and the China National Offshore Oil Corporation has been further delayed by the Ugandan government, following a dispute over tax compensation arrangements.
	Australia Urged To Scrap 'Wasteful' Oil Tax Breaks 1/30/2012 The Australian Conservation Foundation has argued that the Federal Government could save up AUD2.3bn (USD2.4bn) in the 2012-13 Budget by scrapping wasteful and inefficient tax breaks to the oil and gas sector as well as other subsidies that promote the use of fossil fuels.
	Nigeria Oil Subsidies Are Partially Reinstated 1/17/2012 Following growing protests and strikes in the country, Nigeria’s President Goodluck Jonathan has had to agree to a partial retraction of the complete withdrawal of petrol fuel subsidies that had been announced from January 1, 2012.
	Oil Boosts Oman Budget 1/6/2012 In the first 10 months of 2011, Oman achieved a budget surplus of OMR830.1m (USD2.2bn), mostly due to higher oil prices. However, the budget is expected to dip into deficit in 2012 as oil prices soften and expenditure is forecast to increase.
	China Increases Special Oil Income Levy Threshold 1/6/2012 On January 5, 2012, in an announcement to both the Hong Kong and Shanghai stock exchanges, China Petroleum and Chemical Corporation disclosed that China’s Ministry of Finance has increased the threshold of the special oil income levy.
	Oman Urged To Develop Non-Oil Revenue Streams 12/28/2011 The International Monetary Fund in its recent report on Oman has warned against the government's dependence on oil revenues to sustain its high spending, despite positive fiscal performance presently.
	Australia Passes Clean Energy Legislation 11/14/2011 On November 8, the multiple Bills comprising the Clean Energy legislative package were passed into law by the Australian Senate, a package that will force about 500 of the country’s biggest polluters to pay a levy of AUD23 (USD23) for each tonne of carbon dioxide they emit.
	Labuan Gives Tax Incentives For Oil And Gas Trading 11/2/2011 At the launch of the Global Incentives for Trading programme and the newly-formed Labuan International Trading Commodity Company, the Director-General of Labuan Financial Services Authority Encik Ahmad Hizzad Baharuddin announced that a range of incentives have been initiated to attract oil and gas traders to Malaysia.
	Brazil Cuts Fuel Tax 11/1/2011 The Brazilian government has cut the CIDE tax imposed on the sale of fuel to offset price increases for consumers at the pump.
	US House Passes Contractors Tax Repeal 10/31/2011 The United States House of Representatives has passed, on a bipartisan basis by a 405-16 vote, the bill to repeal the 3% withholding tax on payments made to government contractors, together with another bill, but only on a 262-157 vote, to provide for its funding through changes to health programmes.
	China's Resource Tax 'Will Not Raise Oil Prices' 10/26/2011 Replying to questions posed by journalists, a joint statement by the Ministry of Finance and the State Administration of Taxation has confirmed that the extension nationwide of China’s resource tax should not affect domestic oil and gas product prices.
	Chevron CEO Slams Obama's Proposed Energy Tax Reforms 10/24/2011 During a speech at the Peterson Institute for International Economics, John S. Watson, Chairman and CEO of Chevron Corporation, has warned that the tax reforms being proposed by President Obama would risk making United States energy more scarce and expensive.
	France Eyes Domestic Oil Tax Rise 10/11/2011 The French government is reportedly considering the idea of reducing the existing tax break on domestic oil used as motor fuel by farmers, in return for lowering social contributions in the agricultural industry.
	China Extends Resource Tax Nationwide 10/12/2011 China’s State Council has announced that the resource tax on domestic sales of crude oil and natural gas will be extended nationwide, with effect from November 1, 2011.
	Singapore Extends Green Vehicle Rebates 10/4/2011 Singapore’s Ministry of Finance has announced that the green vehicle rebate scheme for new compressed natural gas and bi-fuel vehicles will be extended for another year to December 31, 2012.
	Brazil Cuts Fuel Tax 10/4/2011 The Brazilian government is to slash the tax imposed on the import and sale of fuel sold by the state-run fuel company Petrobras.
	Canada, Kuwait Sign FIPA 9/28/2011 Canada and Kuwait have inked a Foreign Investment Promotion and Protection Agreement, designed to promote bilateral trade and investment.
	Increased Mexican Budget In 2012, But No Tax Rises 9/13/2011 The Mexican government’s 2012 budgetary package, which has recently been presented to parliament, includes increased spending and a marginally reduced deficit, but without any changes to taxation.
	Obama Targets Tax Breaks To Pay For Jobs Programme 9/14/2011 The bill which President Barack Obama has sent to the United States Congress, giving effect to his USD447bn package of tax cuts and federal infrastructure spending, includes tax break reductions and an offset trigger for the Joint Select Committee on Deficit Reduction.
	China Grants Tax Exemptions For Oil And Gas Projects 9/6/2011 China’s Ministry of Finance has announced that both onshore and offshore oil and gas drilling projects have been granted import duty and value-added tax exemptions.
	Lukoil Bulgaria Rejects Tax Violation 9/2/2011 The Chief Executive Officer of Lukoil Bulgaria, Valentin Zlatev has dismissed criticism of its tax affairs by the Bulgarian tax authority, stating that it has not infringed the country's tax regulations.
	Thailand Introduces Temporary Cut In Oil Levy 8/30/2011 On August 26, Thailand’s Committee on Energy Policy Administration decided to cut the collection from refineries of the Oil Fund levy on diesel and petrol products.
	Australia Releases Draft Petroleum Tax Reforms 8/30/2011 The Australian Treasury has released for public comment draft legislation for the extension of the Petroleum Resource Rent Tax.
	Tax Is Cause Of Uncertainty In Australian Mining Sector 8/26/2011 A new report out this week warns that increased government intervention in the Australian mining sector is causing high levels of uncertainty among both companies and investors.
	Lukoil Unofficially Wins Bulgarian Tax Spat 8/22/2011 Bulgarian tax authorities have admitted that they will not be able to enforce sanctions on the country's only domestic energy producer, Russian-owned Lukoil, for failing to introduce metering in their operations as part of measures to prevent tax evasion.
	Russian Oil Duty Rate Hike Trend Returns 8/19/2011 Russian oil duty is set to rise again next month after two consecutive months of lower rates.
	Canada Presses Forward With Budget Implementation 8/18/2011 The Canadian government has released its proposals for the introduction of a raft of new tax credits, many of which formed part of the Conservative party's election manifesto and the subsequent Budget introduced in June.
	Indonesia To Lure Major Investors With Tax Holidays 8/17/2011 Indonesia’s Minister of Finance, Agus Martowardojo, has announced that long-awaited regulations will be issued to introduce tax holidays, as well as revise the country’s tax allowances, for new direct investments in selected industries.
	NZ Business Assesses Impact Of Australian Carbon Tax 8/16/2011 The dangers of making hasty comparisons between the carbon schemes of Australia and New Zealand based on carbon price alone are highlighted in an independent report carried out for BusinessNZ.
	BP Facing TNK Damages Lawsuit 8/16/2011 Oil giant BP is facing a major new damages lawsuit over the failure of its share swap deal with the Russian company Rosneft, which, it is alleged, resulted in substantial losses to the TNK-BP joint venture.
	Canada-Brazil Forging Ahead With Economic Cooperation 8/15/2011 Economic relations between Canada and Brazil continue to improve, with Canadian Prime Minister Stephen Harper declaring Brazil a "tremendously important part" of his government's plans for trade development in the Latin American region.
	IMF Urges Mexican Tax Reforms 8/10/2011 The International Monetary Fund, in its conclusions following the completion of its latest Article IV consultation with Mexico, warned that the country’s non-oil tax revenue base needs to be developed to meet the medium-term challenge of reduced oil revenues.
	Bulgaria In Tax Dispute With Lukoil 8/4/2011 Bulgarian authorities have recently found themselves between a rock and a hard place after attempting to enforce sanctions against the country's only domestic energy producer, Russian-owned Lukoil, in late July suspending its licence and triggering a short-term energy crisis on tax evasion concerns.
	North Sea Drilling Down As Tax Hike Bites 7/18/2011 North Sea offshore drilling activity fell dramatically over the last quarter, with the unstable fiscal environment partially blamed in new figures released by Deloitte's Petroleum Services Group.
	Tax Hike Won't Stop BP North Sea Investment 7/15/2011 Oil giant BP is bucking the trend away from North Sea investment projects prompted by the UK's recent surprise tax hike, announcing the 'major development' of two existing fields.
	Report Slams UK Approach To Environmental Tax 7/11/2011 The UK is sending the wrong signals to taxpayers with its current environmental tax regime, which appears to be used largely as a revenue raising tool, according to a committee of MPs.
	Jersey Company Used For Major London Listing 7/11/2011 Mourant Ozannes has advised Vallares plc, a Jersey company, on its flotation on the Main Market of the London Stock Exchange, which raised GBP1.35bn (USD2.15bn) – the second largest such flotation this year, just seven days after making an announcement that it intended to launch an initial public offering.
	Medvedev Delivers Three-Year Budget Statement 7/6/2011 Russia must modernize its economy as a priority, President Dmitry Medvedev has said, setting out a twelve point programme for the next three years, and hinting at a partial overhaul of the country's tax system and a wave of privatization.
	Obama Insists On Tax Increases In Debt Talks 7/5/2011 While President Barack Obama, at a press conference, insisted that the abolition of selected tax breaks should form part of a political agreement on an increase to the United States debt ceiling, leaders of the Republican party rejected the idea immediately, calling for additional reductions in government spending.
	China Cuts Import Duty On Refined Oil Products 6/27/2011 China’s Ministry of Finance has announced import tariff reductions on a total of 33 goods, including gasoline, diesel and aviation kerosene, from July 1, 2011.
	UK Hints At Oil Tax Climbdown 6/28/2011 The UK is allegedly considering windfall tax breaks for North Sea oil producers, in a bid to ease the controversy still surrounding a recent tax hike.
	Russia, Ukraine Agree To Closer Cooperation 6/13/2011 Russia and Ukraine have emphasized their commitment to the expansion of bilateral trade and economic relations, and have signed a new Russian-Ukrainian Economic Cooperation Programme.
	Centrica Closes UK Gas Field In Wake Of Tax Hike 6/2/2011 The impact of the UK's decision to hike an important oil and gas tax continues to be felt, as the country's largest gas field is effectively mothballed over fears on its profitability.
	Russian Gas Industry Faces Tax Hit 6/2/2011 The Russian gas industry is to face a tax bill running into the billions, as the government looks for the revenue sources needed to balance the budget.
	Russian Oil Export Duty Rises 5/31/2011 Russian oil export duty is to reach near record levels, following a 1.9% hike authorised by Prime Minister Vladimir Putin.
	UK Oil Investment To Plummet, Group Warns 5/30/2011 The row over the UK's unexpected oil and gas tax hike continues to rumble on, as a new survey shows that the lives of 20 producing fields are likely to be shortened, and at least 25 high value investment projects may not go ahead at all.
	US Senate Stalls Cut To Oil Industry Tax Breaks 5/20/2011 The United States Senate has rejected a bill which would have cancelled the USD21bn in tax breaks that the country’s oil and gas industry is expected to receive over the next ten years, and dedicated the increased revenue generated to the reduction of the federal budget deficit.
	BP/Rosneft Share Swap Deal Off The Table 5/19/2011 A potentially lucrative share swap agreement between BP and the Russian oil giant Rosneft has fallen through, after negotiations with BP's existing partners failed to reach a successful conclusion before the deal's deadline.
	Mexico Urged To Bolster Tax Take 5/18/2011 Despite having weathered the global recession comparatively well, Mexico requires an extensive remodelling of key elements of its tax system, designed to strengthen low revenue levels by reducing reliance on volatile oil markets, broadening the tax base, and tackling tax evasion, the Organization for Economic Co-operation and Development has concluded.
	GOP Rejects Tax Increases As US Hits Debt Ceiling 5/18/2011 While the Treasury has confirmed that the United States government has reached its statutory debt limit, leading Republican politicians remain insistent that there is now an opportunity to approve further measures to contain the fiscal deficit, through reduced government spending and not by increased taxes.
	US Senate Examines 'Big Oil' Tax Breaks 5/16/2011 The United States Senate Committee on Finance held a hearing on May 12 on whether the country’s existing oil and gas corporate tax incentives should be continued, while companies cash in on high oil prices and while the federal deficit remains under pressure.
	Russia Could Hike Oil Tax Still Further 5/12/2011 Having risen each consecutive month throughout 2011, Russian oil export duty could go up again in June, albeit at a less substantial rate.
	Centrica Count Costs Of UK Tax Hike 5/10/2011 Energy giant Centrica has released its first interim report of 2011, counting the costs of increased tax rates on UK oil and gas production, which it is expected will offset the benefit of higher prices.
	Philippines Due To Roll Out Eco Car Tax Incentives 5/9/2011 Influential Filipino Senator, Ralph Recto is to champion a proposal in the Senate for the introduction of tax credits to encourage a shift towards the use of more environmentally friendly fuels to power motor vehicles, urging an end to the country's 'overdependence on expensive but fast-depleting fossil fuels'.
	Budget Report Condemns UK Oil and Gas Tax Hike 5/9/2011 Further fuel has been added to the ongoing controversy over the UK's surprise hike of its oil and gas production tax, with a group of accountancy bodies slamming the suddenness of the decision and warning of the damage it will do to the country's competitiveness.
	Chinese Oil Firms Seek Consumption Tax Cut 5/5/2011 The two major Chinese oil companies, China National Petroleum Corporation and China Petrochemical Corporation, have asked the government to cut consumption taxes on various refined oil products.
	Trinidad And Tobago Seeks Brazilian Patnership 5/5/2011 Speaking after what has been described as a 'fruitful' trip to Brazil, Trinidad and Tobago's Prime Minister said the opportunity to forge ahead with a partnership between the two countries must be seized.
	BP Calculates Q1 Tax Costs 5/2/2011 Oil giant BP has released its first quarter results, which show decreased year on year profits, and which count the tax costs the company is likely to face during the coming months.
	Obama Re-Opens Argument With Republicans Over Oil Tax Breaks 5/2/2011 Following an indication of a possible move in the opposing stance of the Republican Speaker of the House of Representatives, John Boehner, President Barack Obama has written a letter to other political leaders calling for an elimination of the tax breaks available to the oil industry in the United States.
	Brazil To Scrap Plans For Sugar Tax 4/28/2011 Brazil's government has reportedly decided against the imposition of a controversial sugar export tax, according to reports in the Brazilian media.
	Grenada Government Reduces Fuel Tax 4/27/2011 The Grenada government has reduced gasoline tax by the maximum possible amount, in an effort to curb the steady rise in energy prices.
	Criticism Of Oil And Gas Hike Mounts 4/26/2011 Criticism of the UK's surprise decision to hike an important oil and gas tax continues to mount, while the Chancellor refuses to budge on the matter. A tense government meeting with industry representatives has been followed by the publication of an influential report which warns of the dangers of tax for production and expenditure in the North Sea.
	Russia To Abolish Oil Field Tax Break 4/19/2011 The Vankor oil field is to lose an important tax break from May 1, paying Russia's headline rate of oil duty from that date, which is also predicted to climb to near record levels.
	North Sea Oil Tax Slammed By Chevron Boss 4/20/2011 The UK government's surprise decision to hike an oil and gas production tax could have 'unintended consequences' in terms of where the industry invests, according to the head of Chevron.
	European Fuel Tax Proposal Faces Uphill Battle 4/15/2011 The European Commission has proposed minimum levels of fuel taxation for European Union member states, to ensure fuel taxation correlates with carbon emissions and a fuel’s energy content, although the proposals are likely to face opposition from member states and the auto industry.
	Jamaican Fuel Tax Rolled Back 4/13/2011 Amidst threats of widespread protests by the country's opposition party, the Jamaican government has announced a substantial reduction in the ad-valorem tax on fuel, taking the duty to levels last seen when the price of oil on the world market stood at USD80 per barrel.
	Ukraine At Trade Crossroads 4/13/2011 As Russia attempts to lure the Ukraine into joining a proposed four-country economic bloc with promises of cut-price oil, Ukrainian authorities must decide whether to forgo an EU-Ukraine trade pact, being negotiated currently, or look to Russia, Kazakhstan and Belarus, for future economic and trade cooperation.
	Israeli Parliament Approves Oil Tax Regime 4/4/2011 The Israeli Parliament, the Knesset, has approved the 'Sheshinski Committee' Recommendations on the Fiscal Policy on Oil and Gas Resources in Israel, which has set royalty and tax rates for those companies benefitting from the discovery of major natural gas deposits off the Israeli coast.
	French Consumers Associations Demand Fuel Tax Cuts 3/31/2011 Given the continuing rise in fuel prices, and in view of measures taken by other countries in Europe recently, consumers associations in France and opposition parties have called for the government to respond, and to either adjust or reduce the tax levied on fuel.
	Tax Cuts On Fuel Unlikely In India 3/29/2011 The Indian Finance Minister has expressed his concern about the current problems in Libya and the rise in crude oil prices, but he has not suggested that there will be any cuts in tax on oil, petrol or diesel.
	Russia Raises Oil Export Duty Again 3/29/2011 Russian crude oil export duty is set to hit a two and a half year high after the government's monthly calculation alteration added an extra 16.08% to the rate.
	Tax Boost For Italian Movie Industry 3/25/2011 The Italian government has cancelled an additional tax on cinema entrance tickets and extended the tax incentives for investments in Italian films, which were due to expire at the end of June 2011.
	Osborne Unveils Pro-Business UK Budget 3/25/2011 Chancellor of the Exchequer George Osborne has delivered a Budget of surprises and reforms, designed to accelerate the process of reforming the UK economy, and achieve a new model of sustainable and balanced growth, with a renewed emphasis on enterprise.
	US Studies Road Funding 3/25/2011 With about 25% of the United States’ roads, which carry about 85% of all road traffic, being paid for by the federal government, the Congressional Budget Office has issued a study, prepared at the request of the Senate Budget Committee, which examines tax alternatives for that federal road funding.

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