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Ireland plans higher taxes on offshore petroleum
Zone(s): Ireland ¦ Sector(s): Taxation
[24 June 2014, Tax-News.com] By Jason Gorringe, Tax-News.com, London: The Irish Government is to hike the top tax rate payable on offshore petroleum exploration and production, to ensure that the State reaps more revenue from future licensees. Energy Minister Pat Rabbitte is to act on recommendations made by sector experts Wood Mackenzie in a report commissioned by the Government.
The Government sought independent advice on the appropriateness of Ireland’s fiscal terms, and estimates on how much more revenue could be drawn from the sector. Rabbitte said that he has sought the Government’s agreement that Ireland’s oil and gas fiscal terms should be revised along the lines suggested in the report. He said he does not wish to see any retroactive changes made to the terms applied to existing exploration authorizations.