Taxation in the Oil & Gas Industry

Course Length: 5 Days 

Course
Description:

Broadly speaking, taxation is the
process of a government claiming money from the general population for the
purpose of using that money to run the country. Normally, a government will
limit its expenditure to the amount it gains in taxation, although in the
Western world it usually expends far more and runs a budget
deficit. There are different kinds of taxes,
ranging from income tax to tax on goods and services
to inheritance tax.

This course will provide an overview of
the key taxation concepts, principles, components, risks, fiscal regime,
treaties, standards, tools and technology solutions with respect to the Oil and
Gas industry. There will be emphasis on corporate income tax, incentives,
transactions, WHT, indirect taxes, etc. at each stage of an oil and gas
development life cycle: Exploration, Appraisal, Development, Operations, and
Decommissioning.The course will also highlight impacts of taxation on investment decisions, pricing, and
overall economic development of the oil and gas industry, and the nation at
large. Case studies will be provided to illustrate the real-world applications
of taxation in the oil and gas industry.

Who Should
Attend:

Whether you are an employer, contractor,
project manager, lawyer, arbitrator or engineer, this program will strengthen and sharpen your tax management, and investment decision
making skills with respect to
taxation knowledge.

Course
Content

Day
One: Getting Started

·        
Highlights and overall perspectives

·        
Categories of taxation

·        
Taxation in Oil & Gas

o   
Overview

o   
Common challenges

o   
Best practices

·        
Fiscal regime

o   
Corporate income
tax

o   
Capital gains/losses

o   
Hedging

o   
Ring-fencing

o   
Functional currency

o   
Transfer pricing

o   
Ownership transfer

o   
Petroleum contract-specific

·        
Capital allowances

·        
Thin capitalization

·        
Key Terminologies

·        
Case Studies

 Day Two: Taxation management
fundamentals

·        
Tax Management Benefits

·        
Tax principles applicable to types of Oil & Gas operations

·        
Tax compliance issues

·        
Tax planning – a key component of the overall
Oil & Gas business strategic
planning process

·        
Tax management case study

 Day Three: Tax management
processes