The Treasury has announced that the annual rate of the Ring Fence Expenditure Supplement (RFES) for the North Sea will be increased from 6% to 10% in an attempt to appease oil companies angry over higher oil taxes announced in this year’s budget.
Ireland has temporarily lowered its VAT rate for a number of businesses including hotels and restaurants from 13.5% to 9% in a bid to boost its tourist industry.
Controversy emerged at a UK parliamentary hearing last week when one witness raised questions over the timing of the settlement of a tax dispute between Vodafone and HM Revenue & Customs (HMRC).
Media reports highlighting that the UK tax authority is involved in tax disputes worth £25 billion are misleading, and the figure is actually surprisingly low.
Transocean, the world’s largest offshore drilling company, has been hit with accusations that it dodged tax on NKr10 billion ($1.8 billion) of revenue.
Transocean, the world’s largest offshore drilling company, has been hit with accusations that it dodged tax on NKr10 billion ($1.8 billion) of revenue.
