The 83rd Annual American Petroleum Institute Federal Tax Forum was held in Houston on 24-25 April. Congratulations to Stephen Comstock, API’s Director of Tax and Accounting Policy, his staff, and the entire organization on this terrific accomplishment.
The conference covered a wide range of taxation issues relevant to the industry, including updates on prospects for tax reform in the US, as well as updates on tax litigation, rules and regulations, and the current status of the Internal Revenue Service.
ITIC Senior Advisor Karl Schmalz presented an update on the work of the UN Extractives Tax Subcommittee, summarizing the nine guidance notes that have been approved by the Committee of Experts on Cooperation in International Tax Matters for publication later this year. Mr. Schmalz also discussed work underway at other international finance organizations relevant to the oil and gas industry, and recommended enhanced engagement by the industry with these, and other organizations, to ensure work done and reports/recommendations are fact-based, misconceptions are corrected, and inaccuracies do not go unchallenged.
Karl Schmalz is a Senior Advisor to the International Tax and Investment Center (ITIC) and Former Assistant General Tax Counsel, Exxon Mobil Corporation.