Global oil & gas tax newsletter

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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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 this April 2017 edition, we unpack a range of topics including the potential applications of blockchain—a new digital technology that is gaining momentum and could have significant tax implications on the oil and gas industry. We highlight the possible consequences of the multilateral instrument under the OECD BEPS project and explain the basics of production sharing agreements.

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

• The Netherlands: Demise of the Dutch cooperative as a holding company?               
• Gulf Corporation Council: Introduction of VAT in the Gulf States—considerations for the oil and gas industry
• U.S.: Potential tax reform on the horizon?  

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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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In this September 2016 edition, we unpack some of the potential implications of Brexit on the oil and gas industry. We also take a look at the impact that the OECD BEPS project may have on the oil and gas industry in developing countries, with an overview of the key findings and recommendations of the OECD report and its implications.

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

• Australia: Game-changing tax reforms impacting oil and gas multinationals
  
• Ghana: Recent tax developments in the upstream petroleum sector 
• Gulf Cooperation Council: Introduction of VAT
• Indonesia: Developments in the taxation of the upstream industry 
• Tanzania: New income tax rules for the oil and gas industry 
• US: Oil and gas tax considerations in today’s pricing environment

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In our June 2016 edition, we continue the theme of our last edition, taking a look the impact that the OECD BEPS project may have on the oil and gas sector, with an overview of the progress of the initiative to date and an article focusing on action 4. We also take a look at the steps being taken by two significant hydrocarbon producer countries (Iran and Mexico) to promote investment in their upstream industries.

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

• Nigerian Petroleum Industry Bill: Is the challenge of legislative passage now resolved?
• UK: Recent changes to the tax regime
• Kazakhstan: News on recent developments
• Tanzania: Withholding tax on payments for services

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