Global Oil & Gas Tax Newsletter March 2011
This is the first Global Oil & Gas Tax newsletter to be issued by the Global Oil & Gas team.
The feature article, “Australia proposes extension of PRRT regime”, addresses the proposed extension of the Petroleum Resource Rent Tax (PRRT) regime in Australia to now capture all oil, gas, and coal seam methane projects both onshore and offshore Australia. The Australian Government has issued proposals suggesting changes to the rules governing PRRT that could force significant changes in how companies do business and future merger and acquisition activity. The attached newsletter discusses the proposed tax law changes and some of the matters companies need to consider should they be enacted.
In addition, the newsletter contains additional views from around the globe regarding new oil & gas tax developments in local country law, including the following:
- India announces 9th licensing round;
- Malaysia announces new incentives for the O&G industry;
- Russia proposes changes in export duties and enacts MET rate changes;
- Tanzania revises its interpretation of Tanzania source services income; and
- Vietnam clarifies treatment of drilling contractor revenue.
Learn more by downloading the full report below.