Sector critical of oil and gas tax
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.