North Sea operators accused of link to tax havens
North Sea operators are facing demands to explain alleged links to tax havens, according to reports.
tax
Opinion: What will Brexit really mean for businesses tax-wise?
At this stage, we cannot predict with any certainty the full tax impact arising from the UK’s exit from the EU.
Energy storage would get US tax credits in bipartisan bill
Energy storage would gain access to the same tax incentives that helped make renewable energy the biggest new source of electricity in the U.S. last year under a bill introduced in the Senate.
Opinion: Smith versus Fergusson – the battle of the Scotsmen?
What is the difference between Murray Smith, our Sales and Marketing Director based in Leicester, and Alan Fergusson our Employee Benefits Director based in Aberdeen?
Opinion: Critical to tackle the collapse in investment
Oil and gas companies have made significant in-roads into reducing the cost of production, but this is in the context of some of the highest operating costs in the world. With the oil price falling from the highs of above $100 a barrel in the summer of 2014, those cuts alone cannot go far enough and real fiscal stimulus is needed to drive renewed investment.
Budget 2016: Law firm adds to North Sea pressure on the chancellor
Oil and gas experts at international law firm Pinsent Masons are calling for a package of North Sea concessions to be unveiled by Chancellor George Osborne during this week’s Budget.
Budget 2016: Budget to close tax loophole which disguises employees as freelancers
A tax loophole widely exploited to disguise employees as freelancers will be reformed in George Osborne’s Budget next week.
Swinney calls on Chancellor to cut taxes for offshore firms
John Swinney has called on Chancellor George Osborne to slash tax for offshore companies amid fears the North Sea industry could be finished without emergency measures.
Sturgeon calls for detailed tax action plan from Westminster
First Minister Nicola Sturgeon has said a “detailed action” plan will be presented to the Treasury before next month’s budget, including calls for further tax measures.
Southwestern Energy to reduce headcount by more than 40%
Southwestern Energy said it will reduce its headcount by more than 40% in the first quarter as it pauses its US drilling program to cope with the decline in oil price.
Noreco embroiled in tax fight with Danish goverment
Noreco confirmed it would contest the latest ruling in its tax fight with the Danish government.
Drop in oil price dents Norway’s overall tax revenue in 2015
The drop in global oil price has meant a decrease in Norway’s overall tax revenue since last year.
Opinion: There is still plenty to play for
As an industry we are going through a tough time – and all indications are pointing towards it staying that way. With the value of our product having plummeted to just over $30 a barrel and respected commentators suggesting it’s going to be lower for longer than we might hope, the fear is that it may get worse before it gets better as globally some $400 billion has been cut from E&P budgets.
Corbyn “open-minded” on tax relief for North Sea
Labour Leader Jeremy Corbyn has said he is “open-minded” on the issue of tax relief for the North Sea sector. He told Energy Voice's sister publication the Press and Journal yesterday he had not made a decision, adding: “I need to look at that.
Energy sector could be in line for support from Westminster
Energy minister Andrea Leadsom has revealed "further fiscal measures" to support the oil and gas industry are "on the table" - prompting speculation of a positive announcement in the Budget.
Norway should give incentives for tail-end oil production
Norway should give companies fiscal incentives to continue production from maturing oilfields in the North Sea as investment falls, Exxon Mobil XOM.N Production Vice President John Chaplin said on Wednesday. Unlike many other oil and gas producers, Norway, Western Europe's top oil producer, hands out licences for free and subsidises exploration and development costs, before imposing a 78 percent tax on production.
Irish Government could increase maximum tax on oil and gas fields
The Irish Government has revealed new draft laws which could see an increase in the maximum tax on oil and gas fields in the country from 40% to 55%. The reports in the Irish Time said a new petroleum production tax could be cast to ensure that discoveries made under future exploration licences will lead to an increased financial return for the State. The measure has been set out among other new steps in the Finance Bill.
Russian oil producers head for tax showdown amid output warnings
Russia’s oil industry begins a critical battle over taxes this week. Losing may result in the first decline in crude production at the world’s largest energy exporter since 2008.
Opinion: MPs’ lukewarm tax support is a ‘sad irony’
There is a sad irony in the fact that the Westminster Parliament, which has benefited in excess of £300 billion in tax revenues from the North Sea should be so reluctant to offer the support needed to protect jobs and preserve a huge contributor to the UK economy.
Russian Economy Ministry opposes higher oil tax to defend output
Russia’s Economy Ministry criticized a proposed tax increase on the nation’s main revenue source, crude producers, saying it may hurt output and the budget in the long term. The oil-extraction tax formula proposed by the Finance Ministry last week would hurt “the economics of working deposits and in fact would ’kill’ production at the most efficient fields in terms of tax performance,” Deputy Economy Minister Nikolay Podguzov said. “Clearly, if production decreases, taxes also fall.”
Oil and gas contractors in line for tax hike
Oil and gas contractors are facing a triple tax blow under a stealth £3billion tax raid by George Osborne. As the dust settles on the first Tory budget in nearly 20 years, details of a three-pronged attack on the North Sea's self-employed workforce are now emerging. Contractors - who have already bore the burnt of the job cuts which have plagued the industry since the turn of the year - look certain to lose out on thousands of pounds of income due to changes in Fividend Tax next year.
Opinion: Messiah or Easter Bunny?
A backdated tax cut? Am I dreaming? The Budget was good news indeed. Proclaiming eternal life for the UKCS was always above the Chancellor’s pay grade, but George Osborne’s headlines certainly help. The devil will be in the detail, and no doubt there will be some surprises (and I’m not talking of a winter fuel allowance for 4x4 drivers). Beyond his party’s faithful, for George Osborne the question is has he given enough to get your cross at May’s General Election? Before we declare a National George Osborne Day, let’s see how it pans out. Like an Easter Egg, this budget is definitely chocolate on the outside.
Malcolm Webb: More jobs could go despite budget reforms
A North Sea leader has warned that more jobs will have to be cut in the sector despite a “regeneration” package announced in the Budget. Malcolm Webb, chief executive of Oil and Gas UK, said the industry must put pressure on itself to reduce costs and improve efficiency, but urged firms to do it in a “careful” way. He was speaking the day after the Treasury met demands for greater support during the downturn, announcing cuts to the supplementary charge, petroleum revenue tax and incentives for exploration. Scottish Secretary Alistair Carmichael claimed on Wednesday that the measures would help protect thousands and potentially tens of thousands of jobs. However, Mr Webb said there were still difficult decisions to be taken in the offshore sector.
Reforms a step in the right direction – but industry still faces heavy taxation
Energy specialist corporate finance firm Simmons & Company International said measures taken by the UK Government have fallen short of the 'radical shot in the arm' the UKCS (UK Continental Shelf) needs. The company said the changes were a move in the right direction, but said the North Sea oil and gas industry still faces higher levels of taxations compared to other industries. Changes include a 10% reduction in the supplementary charge, while the PRT (Petroleum Revenue Tax) is also set to be reduced from 50% to 35% to support continued production in older fields.
Budget 2015: Politicians call for North Sea tax measures
John Swinney has urged the Chancellor to ditch his “fundamentally flawed“ economic policy and call an end to “deep spending cuts”. The Deputy First Minister also demanded George Osborne use his pre-election Budget to bring in a package of measures to help the North Sea oil and gas industry. Scottish Conservative leader Ruth Davidson and shadow Scottish Secretary Margaret Curran also joined in demands for Mr Osborne to take action in the wake of the “emergency in the North Sea”, where plunging oil prices have seen firms cut staff. Holyrood ministers have been urging the UK Government to reverse previous hikes in the supplementary charge, which is paid by the sector.