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In its 2017 financial results announced on 21 August 2017, the chemical conglomerate agreed upon footing the R1.2bn tax liability. If the court's interpretation is implemented for the following two years – 2013 and 2014 – Sasol Oil's crude purchases could result in a further tax exposure of R11.6bn, thus summing up a total tax figure up to ...
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This is country specific for UK, it is a tax of 30%. A 'ring fence' prevents taxable profits from being reduced by losses that the oil company experiences from other activities. [9] Environment fees. According to Norwegian fiscal regime, a CO 2 tax is paid per volume liquids and gas burnt or emitted directly to air on the continental shelf. It ...
The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
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States usually calculate the tax based on the value and/or volume produced; sometimes the method differs for oil, natural gas, and condensates. [ 4 ] [ 5 ] Production from certain wells may be exempt from severance tax based on the amount of production (i.e. "stripper" wells) or the type of well (i.e. horizontal, tertiary, deep, etc). [ 5 ]
The proportional part depends on the pre-tax price of the product. The amount of the tax is between 10% and 30% 3,971 DZD / HL of beer (US$34/ HL of beer) 10% is levied on cigarettes, cigars, tobacco, coffee (also decaffeinated) ; 20% on matches and lighters; and 30% on every other object to this tax.
The tax also may have distorted the way resources were allocated within the oil industry. Since the tax was imposed on oil production — i.e., upon its removal and sale — extraction (and other upstream operations) was penalized and other aspects of the business (refining and marketing, the downstream operations) become relatively favored.