Global Oil & Gas Tax Newsletter October 2011
Views from around the world
We are pleased to announce the release of the third edition of our Global Oil & Gas Tax Newsletter. In this edition of the newsletter, the feature article, “Developing an appropriate tax framework for Iraq,” discusses the growth in Iraqi investment opportunities for multinational oil & gas companies and highlights the recent developments in the country’s tax laws that may affect operations within this emerging business climate. Key areas discussed include the recently-enacted Iraq oil and gas tax law, increased tax retention rates relating to upstream oil and gas activities, and the impact of the prevailing deemed profits basis of taxation, among others.
In addition, the newsletter contains several articles addressing new oil & gas tax developments in countries around the world, including:
- Australia provides additional guidance concerning the application of the carbon tax and extension of the PRRT proposal;
- Indian courts rule on deemed profits tax provisions regarding non-resident service providers to oil and gas industry;
- United States: President Obama re-proposes additional taxes on the O&G industry;
- Russia passes new law on transfer pricing and changes VAT rules for continental shelf;
- Uganda withdraws VAT relief for investment traders and eliminates VAT credit on imported services; and
- British Columbia extinguishes HST and returns to GST & PST.
Learn more by downloading the full report below.