Fit for the future? It’s time the oil and gas industry had a tax health check
To say that the oil and gas industry has had a lot to contend with over the past year would be putting it lightly.
tax
Awilco Drilling unsuccessful in its appeal against HMRC over tax bill
Awilco Drilling has been unsuccessful in its appeal against Her Majesty’s Revenue and Customs (HMRC) over a £6.8 million tax bill.
Exxon CEO apologises for lobbyist’s comments in leaked video
ExxonMobil’s chief executive Darren Woods says the company is “deeply apologetic” over comments caught on camera in a secret filming by Greenpeace that show one of the oil giant’s lobbyists saying a carbon tax the company has promoted for years is unlikely to happen.
Indonesia mulls carbon tax to help finance clean energy
The Indonesian Ministry of Finance has announced plans to introduce carbon pricing in an effort to help finance clean energy projects and boost tax revenues, as well as cut emissions, in Southeast Asia’s largest economy.
Cairn Energy attempts to seize Indian assets over tax dispute
Cairn Energy is increasing pressure on the Indian government to pay a $1.2 billion arbitration award after filing a lawsuit in the U.S.
Ørsted hit with huge tax bill by Danish treasury for UK assets
Ørsted has been slapped with a tax bill totaling almost DKK 7 billion by the Danish treasury for two of its UK offshore wind farms.
Cairn-India arbitration ruling expected soon despite Covid disruption
Scottish oil firm Cairn Energy said today that Covid-19 should not significantly delay the long-awaited outcome of its £1.1 billion ($1.4bn) arbitration claim against India.
Oil crisis shows Norway remains a crude addict
Norway has been talking for years about weaning itself off oil, but the Covid-19 crisis has revealed how far it has left to go.
Are there any tax levers left to pull for the UK oil and gas industry?
Proposals to introduce temporary amendments to the Norwegian upstream tax regime, put to the Norwegian parliament a couple of weeks ago, and included within the Norwegian budget on Tuesday, have added to calls for fiscal change in the UK to support investment in the UKCS and underpin the oilfield services (OFS) supply chain.
House of Lords calls for ‘complete rethink’ of ‘flawed and unfair’ IR35 legislation
A House of Lords committee has called on the government to “completely rethink” a controversial tax reform which will have sweeping implications for North Sea contractors.
UK Government postpones changes to IR35 tax rules
The UK Government has postponed the introduction of a much criticised tax reform that would have had major implications for North Sea contractors.
Know your tax liability
Norway and Denmark continued to be attractive work locations for UK companies in 2019. Many of those companies are specialists in the traditional sectors of oil and gas but there has been an upsurge in other sectors such as renewables, aquaculture and agriculture.
Tackling taxation issues
With the festive season over, the start of a new year gives employers an ideal opportunity for a spring clean of their compliance processes and to identify any tax planning opportunities.
2019 a year of ‘scrutiny’ for decommissioning sector, and it isn’t a one-off
A UK Government official said yesterday that 2019 was a “year of scrutiny” for the offshore oil and gas decommissioning industry - and it was not a “one-off”.
Labour accused of ‘taxing Aberdeen’ after committing to £11bn oil and gas charge
Jeremy Corbyn has been accused of endangering the future of the oil and gas industry and imposing a “tax on Aberdeen” after Labour unveiled plans to charge the sector £11billion to “pay the cost of the climate emergency”.
Labour’s windfall tax on oil a bad call
I’m hopping mad at Labour’s £11billion windfall tax on the oil and gas industry proposal in its manifesto.
OECD’s revolutionary tax changes could impact oil firms
The OECD’s 2019 workplan on addressing the tax challenges of the digitalised economy looks set to be a major overhaul of the international taxation system.
Awilco challenges £7.7m tax bill from HMRC
Rig contractor Awilco Drilling said today that it had appealed against the UK taxman’s decision to slap it with a £7.7 million bill.
Busting the decommissioning tax myths
Decommissioning remains a big consideration for any investor in the UKCS and, indeed, anyone divesting their interests. This is especially the case where the interests in licences which are changing hands are mature assets with a significant number of wells and attendant infrastructure.
Relief from R&D costs
The development of innovative technology solutions has never been more crucial to the oil and gas industry than it is right now.
Shell sued by Australian tax office over Browse stake, report says
Royal Dutch Shell Plc has been sued by Australia’s tax authority as the agency pursues multinational companies over tax avoidance, the Guardian reported.
HMRC issues apology for delays to tax relief claims
HMRC has apologised for taking up to seven months to process R&D tax relief claims which was alleged to be preventing some UK companies from progressing.
IR35: An ‘attack’ on self-employment
In 1999, the Revenue decided to change the contracting landscape with the introduction of IR35, an anti-avoidance tax legislation. The legislation originally imposed a series of tests to verify whether the worker could be classified as self-employed or not. Qualifying questions included “could they replace themselves if they were unable to go to work”, and “how many companies do they contract with each year” in order to establish their true status.
Energy industry must get ready for IR35 reforms
In April 2020 the Government’s IR35 payroll reforms will come into effect in the private sector, putting the responsibility firmly on larger employers for PAYE and NICs in respect of contractors engaged via an intermediary.
Weighing up the post-Brexit international tax implications
The ambiguity surrounding Brexit is an issue that is affecting many businesses in a variety of ways, and the international tax implications of Brexit should also be considered.