Related Research Articles
Corporation tax in the United Kingdom is a corporate tax levied in on the profits made by UK-resident companies and on the profits of entities registered overseas with permanent establishments in the UK.
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth's crust using petroleum geology.
A royalty trust is a type of corporation, mostly in the United States or Canada, usually involved in oil and gas production or mining. However, unlike most corporations, its profits are not taxed at the corporate level provided a certain high percentage of profits are distributed to shareholders as dividends. The dividends are then taxed as personal income. This system, similar to real estate investment trusts, effectively avoids the double taxation of corporate income.
In the United Kingdom, taxation may involve payments to at least three different levels of government: central government, devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion.
A Finance Act is the headline fiscal (budgetary) legislation enacted by the UK Parliament, containing multiple provisions as to taxes, duties, exemptions and reliefs at least once per year, and in particular setting out the principal tax rates for each fiscal year.
Taxation in Ireland in 2017 came from Personal Income taxes, and Consumption taxes, being VAT and Excise and Customs duties. Corporation taxes represents most of the balance, but Ireland's Corporate Tax System (CT) is a central part of Ireland's economic model. Ireland summarises its taxation policy using the OECD's Hierarchy of Taxes pyramid, which emphasises high corporate tax rates as the most harmful types of taxes where economic growth is the objective. The balance of Ireland's taxes are Property taxes and Capital taxes.
The Ministry of Energy is a Cabinet-level agency of the government of the Canadian province of Alberta responsible for coordinating policy relating to the development of mineral and energy resources. It is also responsible for assessing and collecting non-renewable resource (NRR) royalties, freehold mineral taxes, rentals, and bonuses. The Alberta Petroleum Marketing Commission, which is fully integrated with the Department of Energy within the ministry, and fully funded by the Crown, accepts delivery of the Crown's royalty share of conventional crude oil and sells it at the current market value. The current ministry was formed in 1986, but ministries with other names dealing with energy resources go back to the Ministry of Lands and Mines in 1930.
In business and finance, ringfencing or ring-fencing occurs when a portion of a company's assets or profits are financially separated without necessarily being operated as a separate entity. This might be for:
The Minerals Resource Rent Tax (MRRT) was a tax on profits generated from the mining of non-renewable resources in Australia. It was a replacement for the proposed Resource Super Profit Tax (RSPT).
In Zambia, the Zambia Revenue Authority, a body under the Ministry of Finance, is in charge of collecting taxes on behalf of the Zambian Government.
Petroleum licensing or exploration license is the act of giving licenses to a company or a joint venture allowing them to search for commercially feasible deposits for the extraction of petroleum.
The petroleum fiscal regime of a country is a set of laws, regulations and agreements which governs the economical benefits derived from petroleum exploration and production. The regime regulates transactions between the political entity and the legal entities involved. A commercial or legal entity in this context is commonly an oil company, and two or more companies may establish partnerships to share economic risks and investment capital.
'Google tax' is a popular term used to refer to anti-avoidance provisions that have been passed in several jurisdictions dealing with profits or royalties that have been diverted to other jurisdictions with lower or nil rates.
In Malaysia, federal budgets are presented annually by the Government of Malaysia to identify proposed government revenues and spending and forecast economic conditions for the upcoming year, and its fiscal policy for the forward years. The federal budget includes the government's estimates of revenue and spending and may outline new policy initiatives. Federal budgets are usually released in October, before the start of the fiscal year. All of the Malaysian states also present budgets. Since state finances are dependent on money from the federal government, these budgets are usually released after the federal one.
The Oil Taxation Act 1975 is a UK Act of Parliament relevant for UK enterprise law that was intended to ensure that oil and gas extraction companies operating in British territories and waters paid their fair share of tax. Over many years of amendments it was largely eliminated over 2015 and 2016, as the Petroleum Revenue Tax was cut to zero.
The Petroleum Revenue Tax Act 1980 is a UK act of Parliament associated with UK enterprise law that made new provisions for petroleum revenue tax. The act required that payments on account of tax should be made in advance of an assessment, and that interest payable on tax was brought forward.
The Petroleum Royalties (Relief) and Continental Shelf Act 1989 is an Act of the Parliament of the United Kingdom which abolished petroleum royalties for gas fields in the southern basin of the North Sea and onshore, and enacted an agreement with the Republic of Ireland on the extent of the continental shelf.
The Petroleum Royalties (Relief) Act 1983 is an Act of the Parliament of the United Kingdom which exempted certain petroleum licence holders of new offshore oil and gas fields from the payment of petroleum royalties or the delivery of petroleum.
The Crude Oil Windfall Profit Tax Act of 1980 was enacted as part of a compromise between the Carter Administration and the Congress over the decontrol of crude oil prices. The Act was intended to recoup the revenue earned by oil producers as a result of the sharp increase in oil prices brought about by the OPEC oil embargo. According to the Congressional Research Service, the Act's title was a misnomer. "Despite its name, the crude oil windfall profit tax... was not a tax on profits. It was an excise tax... imposed on the difference between the market price of oil, which was technically referred to as the removal price, and a statutory 1979 base price that was adjusted quarterly for inflation and state severance taxes."
The Gas Levy Act 1981 is an Act of the Parliament of the United Kingdom which imposed on the British Gas Corporation a levy in respect of purchased natural gas.
References
- ↑ "Budget 2016 summary: Key points at-a-glance". BBC News. 16 March 2016.
- ↑ "Tax Debt Crisis Institute". Tax Foundation. Archived from the original on 21 May 2017. Retrieved 7 July 2017.
- ↑ Bluey, Rob (19 February 2012). "Chart of the Week: Nearly Half of All Americans Don't Pay Income Taxes". Heritage Foundation. Retrieved 7 July 2017.
- ↑ Will Freeland; Scott A. Hodge (20 July 2012). "Tax Equity and the Growth in Nonpayers". Tax Foundation. Retrieved 7 July 2017.
- Oil Taxation Manual
- Taxation of UK oil production (as at April 2003)
- The North Sea Fiscal Regime (as at April 2003)
