Global oil & gas tax newsletter

In this August 2018 edition, we examine the friction between US and its trade partners and discuss the impact on the global oil and gas industry.

Additionally, we unpack oil and gas tax developments in the following countries:

• Algeria: Overview of the current fiscal environment
• China: Income tax incentives for crude oil futures trading
• Gulf Cooperation Council: Practical impact of VAT in the oil and gas sector
• India: Recent tax developments in the oil and gas sector
• Nigeria: Update on the proposed tax reform of the petroleum industry
• Uganda: Fiscal framework for the East Africa crude oil pipeline

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In this April 2018 version, we elaborate on the impact of the new lease accounting changes under the International financial reporting standard (IFRS) 16 on businesses with expensive plant and machinery items.

Additionally, we unpack oil and gas tax developments in the following countries:

• US: Tax update
• UK: Autumn budget 2017—upstream oil and gas taxation changes
• Mozambique: Amendments to income tax rules for upstream oil and gas projects
• Kazakhstan: Long-awaited fiscal reform
• Norway: Petroleum tax refund regimes under scrutiny by ESA

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View or download the 2017 editions

Global oil & gas tax newsletter - November 2017

Global oil & gas tax newsletter - July 2017

Global oil & gas tax newsletter – April 2017 

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View or download the 2016 editions

Global oil & gas tax newsletter - December 2016

Global oil & gas tax newsletter - September 2016

Global oil & gas tax newsletter – June 2016

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In this November 2017 version, we focus on two specific areas affecting the oil and gas industry: implications of BEPS action 7, which addresses permanent establishments for the industry; and taxation of offshore indirect transfers of assets. This newsletter also explores strategies for oil and gas companies to drive value through oil and rotator programs.

Additionally, we unpack oil and gas tax developments in the following countries:

• Gulf Cooperation Council (GCC): Differing approaches to taxation across the Gulf
• Francophone Africa: Revision of SYSCOHADA accounting rules and the implications for extractive companies in Africa
• Indonesia: Update on the cost recovery regime and the introduction of the gross split regime in the upstream industry 
• South Africa: Reminder of the scope of withholding tax rules applicable to industry participants in South Africa 
• Switzerland: Corporate tax reform—what’s in it for commodity traders?
  

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In the July 2017 edition, we continue to focus on two topics with important implications for the taxation of the oil and gas industry—the potential impact of the base erosion and profit shifting (BEPS) actions and the changes in the fiscal environment reflecting the reaction of governments to lower oil prices.

In this edition we unpack the oil and gas tax developments in the following countries:

• UK: Transfer pricing value chain analysis in the oil and gas industry
• UK: VAT on services supplied to the oil and gas sector
• Canada: Changing tax laws to increase tax cost in oil and gas
• Mexico: A new fiscal regime for the upstream oil and gas industry
• Nigeria: Implications of the draft Petroleum Fiscal Policy

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In the December 2016 edition of our Global oil & gas tax newsletter, the final edition for 2016, we continue our in-depth examination of the base erosion and profit shifting (BEPS) initiative with analysis of the Organization for Economic Development’s (OECD) proposals on hybrids, including discussion of the UK’s legislation which will be effective from 1 January 2017 and is the first to be implemented addressing the proposals.

In addition, the newsletter contains articles which address oil and gas tax developments in the following countries:

• Brazil: tax deductions for RD&I expenditure
  
• Gabon: an overview of the new hydrocarbon regime
• Malaysia: application of indirect tax to transfers of oil and gas projects in Malaysia
• Russia: potential changes to upstream taxation

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