To say that the oil and gas industry has had a lot to contend with over the past year would be putting it lightly.
Awilco Drilling has been unsuccessful in its appeal against Her Majesty’s Revenue and Customs (HMRC) over a £6.8 million tax bill.
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.
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 is increasing pressure on the Indian government to pay a $1.2 billion arbitration award after filing a lawsuit in the U.S.
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.
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.
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.
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.
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.
The UK Government has postponed the introduction of a much criticised tax reform that would have had major implications for North Sea contractors.
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.
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.
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”.
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”.
I’m hopping mad at Labour’s £11billion windfall tax on the oil and gas industry proposal in its manifesto.
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.
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.
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.
The development of innovative technology solutions has never been more crucial to the oil and gas industry than it is right now.
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 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.
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.
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.
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.