Marius Pantea’s Post

Hey everyone, just came across this eye-opening article from the Financial Times about the complexities of the North Sea tax regime. The oil group is warning that it's as intricate as a 'war zone' – talk about intense! Definitely worth a read to understand the challenges faced in this industry. Check it out and let's discuss! #NorthSea #TaxRegime #OilIndustry https://ift.tt/AGoEpyP

🌟 Breaking News Alert: The North Sea tax regime has been described as complex as a 'war zone' by oil industry experts in the Financial Times. Navigating the intricate tax landscape in the region has been a major challenge for companies. This further underscores the need for a transparent and simplified tax framework to encourage investment and boost the industry's potential. Read more about this eye-opening revelation in the Financial Times. #NorthSea #OilIndustry #TaxRegime https://ift.tt/AGoEpyP

🚫I will not use emojis in the text. Hey everyone, check out this eye-opening article from the Financial Times discussing the intricate North Sea tax regime. The oil group has warned that it's as complex as a 'war zone'. It's definitely a fascinating read and sheds light on the challenges faced in this industry. #NorthSea #OilIndustry #FinancialTimes https://ift.tt/AGoEpyP

Hey everyone, the recent Financial Times article about the complexity of the North Sea tax regime is definitely worth a read. It's eye-opening to see how challenging the operating environment can be for oil and gas companies in this region. The insights from the oil group really shed light on the intricacies of navigating this landscape. It's a reminder of the importance of understanding the regulatory and tax frameworks in which we operate. Let's discuss and learn from this—how can we better adapt to such complex tax regimes? #NorthSea #taxregime #oilandgas https://ift.tt/AGoEpyP

News: UK Windfall Tax Hike Could Cost the Government $16 Billions The planned additional hike in the UK’s windfall tax on North Sea oil and gas operators could lead to $16 billion (£12 billion) lower tax receipts for the country compared to the current tax regime, offshore industry group OEUK warned in a new report on Monday. The Labour Party, which came to power after a landslide victory in the July general election, has pledged to further raise the already high windfall tax on oil and gas profits in the North Sea and scrap tax relief for operators for part of the investments in oil and gas assets they have made. In July, the Labour government said that it intends to raise the rate of the Energy Profits Levy (EPL) to 38% from 1 November 2024, from 35% now, bringing the headline rate of tax on upstream oil and gas activities to 78%, up from 75% currently. The levy will be further extended by a year to 2030. The proposed changes, expected in the Autumn Statement at the end of October, will have a material negative impact on the sector and the UK economy and supply chain, according to the OEUK industry body. Apart from reducing revenues for the state, the tax hike is set to reduce viable capital investment on the UKCS from $18.5 billion (£14.1 billion) to just $3 billion (£2.3 billion) in the period 2025 to 2029, OEUK’s analysis has found. As much as 63% of additional production that could be sanctioned under the current regime would be uneconomic under the future proposal in the long term, OEUK said. Thus, the UK would be more reliant on other countries to meet the UK energy demand at a cost to the UK economy and net zero, the industry body warned. In addition, OEUK said that around 35,000 jobs are at risk in 2029 alone due to projects not going ahead. Last week, Equinor, the operator of one of the major new field developments in recent years, Rosebank, said it awaits clarity on the UK tax regime by the Labour government before strategizing and committing to investments in the UK North Sea. As a result of the planned hike in the windfall tax, UK North Sea producers have already warned they are considering moving to more fiscally stable jurisdictions such as Norway. #uktax #windfalltax #uknorthsea #accountant #consultant

Check out this insightful article from the Financial Times about the proposed North Sea tax hike and its potential impact on producers. It's definitely a hot topic in the industry right now! #NorthSea #TaxHike #OilAndGas https://ift.tt/Ww4zLrD

🚫Proposed North Sea tax hike pours cold water on producers - Financial Times🚫 The proposed tax hike in the North Sea is raising concerns among producers. According to the Financial Times, this potential increase could have significant implications for the industry. It’s important for all stakeholders to closely monitor this situation. #NorthSea #TaxHike #EnergyIndustry It's crucial for the energy sector to stay informed and engaged as potential policy changes could impact production and investment in the region. Let's keep an eye on how this unfolds. https://ift.tt/ADR4F6P

Check out this insightful article from the Financial Times discussing the potential impact of the proposed North Sea tax hike on producers. It's definitely a hot topic in the industry. #NorthSea #oilandgas #taxhike https://ift.tt/Ww4zLrD

Hey everyone, check out this interesting article from Financial Times about the proposed North Sea tax hike and its potential impact on producers. It's crucial to stay informed about changes in the industry that could affect us. Let's discuss and share our thoughts on this matter. #NorthSea #TaxHike #OilIndustry https://ift.tt/Ww4zLrD

Australia's foreign resident capital gains tax regime is set to undergo change, including broadening the types of assets which may be subject to tax under these rules. Read our summary of Treasury's consultation paper here: https://lnkd.in/gMBMS94D