Wednesday 28 September 2016

Finance Bill: New higher tax rate of 55pc for oil and gas field production

Published 22/10/2015 | 12:06

Security guards at the gas terminal took strike action in protest at the reduced hours and job losses
Security guards at the gas terminal took strike action in protest at the reduced hours and job losses

THE Government has announced plans for an increase in the maximum tax on Irish oil and gas fields to 55pc - from 40pc.

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The "petroleum production tax"  will mean an increased return to the State from future licences, at an earlier time and come against the backdrop of criticism of the relatively low tax rates attached to exploration

The Finance Bill 2016 activates taxation measures announced in the Budget earlier this month as well as others.

These include exemptions for employees from USC on employer contributions to a PRSA as well as increase in BIK as well as other measures.

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