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Tolley's International Taxation of Upstream Oil and Gas, 3rd Edition

Tolley's International Taxation of Upstream Oil and Gas, 3rd Edition

Tolley's International Taxation of Upstream Oil and Gas, 3rd Edition

Author: John Abrahamson
Publisher: LexisNexis U.K.
ISBN: 9780754558118

Previous Edition ISBN: 9780754555421
Published In: July 2021
Format: Paperback
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents
Author

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The scope of this title is to introduce and review significant international tax issues for upstream oil and gas operations. The book is based on introducing and explaining practical upstream tax issues, with an emphasis on tax risk management and related tax planning. Readers will develop skills in identifying tax exposures and opportunities, managing tax negotiations, and applying tax planning solutions.

The book is intended to benefit accountants, lawyers, economists, financial managers and government officials. The book aims to be the first choice for the new starter in upstream oil and gas taxation.

It also aims to be the best introduction of international tax issues relating to upstream oil and gas, enabling the reader to analyse and understand new situations and circumstances, rather than an encyclopaedic reference of tax issues.

Chapter I – Introduction

Upstream Oil and Gas – Background
Oil and Gas Producing Countries
Largest Upstream Companies
Largest Service Providers

Chapter II – International Tax

Introduction
International Investment
International Income Flows
Transfer Pricing
Domestic Tax Laws
Tax Treaties

Chapter III – Tax Regimes

Concession Regimes – Tax and Royalties
Production Sharing Contracts – Profit and Cost Oil
Service Contract Regimes
Royalties
Production and Signature Bonuses
Area Rentals
State Equity and Carried Interests
Excise Tax
Indirect Taxes – VAT and State taxes

Chapter IV – Country Tax Regimes Examples and Selected Issues

Introduction
Algeria
Angola
Australia
Brazil
Canada
Denmark
Greenland
Kazakhstan
Mexico
Nigeria
Norway
Qatar
Saudi Arabia
United Kingdom
United States

Chapter V – Tax Rate Increases and Bilateral Investment Treaties

Chapter VI – Foreign Exploration Losses

Chapter VII – Oil and Gas Operations and Permanent Establishments

Permanent Establishments
Contracting Services
External Consortium
Tripartite Agreements
Tax Grossing Up
Recovery if Withholding credited

Chapter VIII – Capital Gains

Holding Companies
Treaty protection
Tax Treaty Example – Netherlands
Tax Treaties and Indirect Transfers – Australia

Chapter IX – Mergers and Acquisitions

Acquire Assets or Target Company
Interest Deductions – Debt Push Down
Depreciation and Asset Step Up
Tax Losses
Merger Relief
Sale and Purchase Agreements
M&A Issues to Review
Seller Warranties
Seller imposing tax on Purchaser – Grossing Up
Buyer Protection – Indemnity Clause
Tax Due Diligence
Buyers Information Request List
Input to Financial Modelling
Accounts and Deferred Tax Balances

Chapter X – Intellectual Property

Oil and Gas IP Structures
Switzerland
Netherlands
Luxembourg
United Kingdom
Brazil

Chapter XI – Leasing

Introduction
Operating Leasing and Permanent Establishments
Sale and Leaseback
Singapore Example
Specific Assets
Tax Treaties – Leasing into the USA

Chapter XII – Decommissioning

Chapter XIII – Oil and Gas Financing

Introduction
Group treasury centres and In–house banking
Thin capitalization
Controlled Foreign Corporation (Subpart F)
Hybrid Entities and Hybrid Securities
Sale and Repurchase (Repo) – USA and UK
Interest on Share Equity – Brazil
Limited Partnership – China

Chapter XIV – Profit Repatriation and Planning

Branches and Head Office Costs
Subsidiaries and Dividends
Capital Gains
Technical Service and Administration Fees

Chapter XV – Procurement

Planning Structures
Netherlands, Hong Kong and Singapore

Chapter XVI – Oil and Gas Trading

Planning Structures
Derivatives – Options, Forwards and Swaps
Switzerland

Chapter XVII – Transfer Pricing Concepts

OECD and UN approaches
Branch Profit Allocation
Defence Files and Audit
TP and Tax Treaties
Advance Pricing Agreements (APAs)

Chapter XVIII – Transfer Pricing and Upstream Oil and Gas

Oil and Gas Sales
Seismic Surveys
Drilling
Financial and Environmental Guarantees
Transfer Pricing and Procurement
Transfer Pricing and Oil and Gas Trading

Chapter XIX – Transfer Pricing and Intellectual Property (IP)

Intellectual Property in Oil and Gas
Royalties or Cost Sharing
Performance Based Royalties

Chapter XX – Transfer Pricing and Administration

Allocating Costs – Including Finance, IT, HR, and Legal
Branch Issues, including capital allocation

Chapter XXI – Transfer Pricing and Financing Structures; Case Studies

Tax Treaties and Permanent Establishments – Equipment
Tax Treaties and Permanent Establishments – Exploration and Drilling
Mergers &Acquisitions – Structuring – Brazil
Mergers &Acquisitions – Due Diligence – Canada
Transfer Pricing – Drilling Products
Transfer Pricing – Intellectual Property – USA Oil Co and the IRS

By John Abrahamson, Director of International Tax at the Sheltons Group

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