Sector critical of oil and gas tax
Published 27/10/2015 | 02:30
The Oil and Gas industry has strongly criticised the tougher fiscal regime imposed on the sector by the Government, warning it could create the perception that Ireland is a high risk country to invest in.
Ahead of the Atlantic Ireland Petroleum Conference in Dublin today, a survey of the industry by PwC found that it was overwhelmingly against the Government's changes when oil prices are already low.
Under the new fiscal terms, a new tax has been introduced that will apply to productive fields, to be known as Petroleum Production Tax (PPT). The PPT will operate in a similar manner to the existing Profit Resource Rent Tax (PRRT), abut it is calculated on revenue rather than profit.