Uk oil industry taxation committee

The most important taxes which apply to companies extracting oil and gas from the UK and the UK Continental Shelf (“UKCS”) are. • Ring Fence Corporation Tax   25 Jan 2019 The Committee of Public Accounts has recently reported on the range of This includes reducing taxes on oil and gas production, introducing.

» Contacts | United Kingdom Oil Industry Taxation Committee. Contact info. If you have any queries about UKOITC or wish to join, please contact us These paragraphs extend the guidance previously outlined to United Kingdom Oil Industry Taxation Committee (UKOITC), Oil Taxation Advisory Committee (OTAC) and the British Independent Oil Brief details of former elements of the regime are given in the footnotes to the table of Government Revenues from UK Oil and Gas Production at Government revenues from UK oil and gas production. Further information on upstream taxation. This page provides a high level overview of the UK’s upstream fiscal regime. Wider decommissioning tax relief is provided to companies undertaking decommissioning activities through deductions against current or future taxable profits and, in some situations, repayments of previously paid tax. The UK oil and gas industry is expected to pay an additional £13bn of tax over the next 5 years, net of tax repayments for In 1965 the United Kingdom Oil Industry Taxation Committee (UKOITC) approached the Board of the Inland Revenue to discuss a number of issues considered important to the UK North Sea oil industry.

21 Nov 2019 Any moves by a future UK government to raise taxes on the North Sea oil gas industry would damage the UK economy and increase the 

Nexen Petroleum UK Ltd Perenco UK Limited Phillips 66 Limited Premier-Oil & Gas Plc Repsol Sinopec Resources UK Limited Serica Energy Shell International Ltd Siccar Point Spirit Energy SSE Statoil (UK) Ltd Suncor Energy Taqa Bratani Ltd Total E&P UK Ltd Tullow Oil Plc UK Offshore Operators Association UKOITC Indirect. Professional Firm Members Oil and gas taxation in the Deloitte taxation and investment guides 2 2.2 Rates PRT RFCT SCT April 2006 to 24 March 2011 50% 30% 20% From 24 March 2011 50% 30% 32% 2.3 Taxable income Revenue arising from the sale of oil and gas at an arm’s length is taxable on the actual price obtained. The oil and gas industry in the United Kingdom produced 1.42 million BOE per day in 2014, of which 59% was oil/liquids. In 2013 the UK consumed 1.508 million barrels per day (bpd) of oil and 2.735 trillion cubic feet (tcf) of gas, so is now an importer of hydrocarbons having been a significant exporter in the 1980s and 1990s. The Oil Industry Accounting Committee (OIAC) is a focal point for UK upstream oil and gas companies in relation to all financial reporting matters. Historically, OIAC published a number of SORPs relating to specific oil and gas industry accounting topics, which were consolidated into single Oil and Gas SORP last updated in 2001. » Contacts | United Kingdom Oil Industry Taxation Committee. Contact info. If you have any queries about UKOITC or wish to join, please contact us

» Contacts | United Kingdom Oil Industry Taxation Committee. Contact info. If you have any queries about UKOITC or wish to join, please contact us

21 Nov 2019 Ken Cronin, chief executive of UK Onshore Oil and Gas, echoed “Any further taxation will only impact the ability to invest and create jobs at a time when the committee on climate change have indicated a need for oil and gas 

The Oil Industry Accounting Committee (OIAC) is a focal point for UK upstream oil and gas companies in relation to all financial reporting matters. Historically, OIAC published a number of SORPs relating to specific oil and gas industry accounting topics, which were consolidated into single Oil and Gas SORP last updated in 2001.

North Sea oil and gas exploitation has had a major impact on the UK economy. To maximize the potential national benefits appropriate licensing, taxation, Independent Oil Sector, First Report from the Energy Committee (1988–1989), p. 37.

21 Nov 2019 Ken Cronin, chief executive of UK Onshore Oil and Gas, echoed “Any further taxation will only impact the ability to invest and create jobs at a time when the committee on climate change have indicated a need for oil and gas 

Oil and Gas Industry Direct Tax Forum The forum is made up of oil and gas industry representatives and advisers from the UK Oil Industry Taxation Committee (UKOITC), Oil and Gas UK (OGUK), the Terms of Reference Adopted 1 January 2012 UK Oil Industry Taxation Committee The United Kingdom Oil Industry Taxation Committee consists of two committees. These are: • The UKOITC Direct Tax Committee • The UKOITC Indirect Tax Committee UKOITC represents its member companies in dealings with HMRC, HMT, DECC and the European The taxation of the UK oil industry: an overview: Public Accounts Committee Report 1973 and the 1974 White Paper On 14 February 1973 the Parliamentary Public Accounts Committee issued its report Brief details of former elements of the regime are given in the footnotes to the table of Government Revenues from UK Oil and Gas Production at Government revenues from UK oil and gas production. Further information on upstream taxation. This page provides a high level overview of the UK’s upstream fiscal regime.

13 Mar 2016 In 1965 the United Kingdom Oil Industry Taxation Committee (UKOITC) approached the Board of the Inland Revenue to discuss a number of  THE NORTH SEA. MEMORANDUM. Published by the United Kingdom Oil Industry Tax Committee - Indirect Taxes Committee  16 Mar 2015 The North Sea Memorandum is produced by the UK Oil Industry Indirect Taxes Committee (UKOITC-ITC). The primary purpose of the North Sea  Starting with evidence that United Kingdom Continental Shelf oil and gas companies have Lawson also indicated, to the UK Parliament's Energy Committee,. In the same evidence to the UK Parliament's Energy Committee Mr Lawson also indicated that concern about the industry's cash flow and the potentially. Page 17   21 Nov 2019 Ken Cronin, chief executive of UK Onshore Oil and Gas, echoed “Any further taxation will only impact the ability to invest and create jobs at a time when the committee on climate change have indicated a need for oil and gas