Oil and Gas


Going Green

Posted on November 23rd, by Global Tax Weekly in Carbon Taxes, Environmental Taxes, Oil and Gas. No Comments

I’m no climate change “denier” (a term I despise incidentally, with all its unpleasant overtones), but I’m not totally convinced that it’s happening either. As I’ve alluded to before in this column, at the same time, I also happen to think that the world would be an infinitely better, healthier place if we stopped burning fossil fuels and switched to cleaner alternatives. I realize that we are undergoing something of a transition towards that end all over the world, and that it’s not going to be completed overnight, or probably within my lifetime, but I would argue that governments are making a bit of dog’s breakfast out it. The United States managed to send men to the moon with less computing power than is available in your smart phone, and that’s because they spent billions of dollars on the Apollo … Read More »


Canada Seems To Have All The Answers

Posted on February 9th, by Global Tax Weekly in Oil and Gas, Recession. No Comments

It has been well documented how Canada was the only one of the major industrialized countries which didn’t suffer a banking crisis. In fact, the British were so impressed at the way things were run there that they head-hunted Canada’s top central banker, Mark Carney, and put him in charge of the Bank of England. While the recession which followed the financial crisis didn’t leave Canada unblemished, and much was spent in stimulating the economy, requiring the federal Government to run a deficit, Canada still managed to cut its corporate tax to the lowest level in the G8. Now it expects to achieve a balanced budget in 2015/16, having recorded a budget surplus in November 2014. There is one worry for the Government though: oil. Canada is a major producer of oil and natural gas, and like any other nation, … Read More »


The Wild East

Posted on September 7th, by Global Tax Weekly in Corporation Tax, Individual Taxation, Mining, Oil and Gas. No Comments

Recent tax developments in Azerbaijan are suggestive of a country with a modern outlook, keen to encourage local entrepreneurs to grow their businesses and welcome foreign investors with open arms. Taxes are low – corporate tax stands at 20 percent and the top individual tax rate has fallen to 25 percent – and lately tax reforms have focused on making life easier for companies with the introduction of more electronic services, the creation of a tax ombudsman and other measures designed to streamline tax administration. Tax holidays have also been granted to companies engaged in various non-oil related activities like information technology. According to a senior tax official, Azerbaijan is now working to harmonize its VAT regime with that of the EU. Some might see this is a retrograde step given the complexities of EU VAT law. But it is … Read More »





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