Description
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 an 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 the 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
- Incentives
- WHT
- Transactions
- Indirect taxes
- Treaties
- Taxation Clauses
- Taxation: Oil & Gas investment decisions, pricing, and overall economic development
- Case studies
Day Four: Corporate Taxation
- Federal income taxation of corporations and shareholders in the Oil & Gas industry
- Tax dispute avoidance
- Tax dispute resolution
- Understanding taxation provisions through expert engagement
- Case studies
Day Five: Tax laws
- Oil & Gas tax laws as they apply to selected tax entities
- Oil & Gas tax research methodology
- Tax management learning’s
- Self-assessment – What have I learned & how will I use it in my work?
- Course evaluation & presentation of course certificates
- Wrap
