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. Continue reading “ITIC Participates at 83rd API Federal Tax Forum”
ITIC’s Oil and Gas Taxation and Regulatory Dialogue recently submitted comments on The Platform for Collaboration on Tax’s “Discussion Draft: A Toolkit for Addressing Difficulties in Accessing Comparables Data for Transfer Pricing Analysis.” The toolkit “is designed to assist developing countries in navigating an important area of international tax policy: transfer pricing [… and] specifically addresses the ways developing countries can overcome a lack of data on “comparables,” or the market prices for goods and services transferred between members of multinational corporations.”
ITIC’s Oil & Gas Taxation and Regulatory Dialogue held a series of meetings this week in Washington with organizations active in natural resource taxation issues in developing countries to foster understanding and promote balanced, fact-based discussion among government, academics, business, and international organizations. The group of international oil and gas companies also held internal meetings to review its priorities for 2017. Continue reading “ITIC Oil & Gas Dialogue Meets in Washington”
In 2016, ITIC organized or participated in dozens of events around the world, bringing together public-sector stakeholders, industry representatives, and academics to foster mutual understanding and trust on taxation matters. Below are several ITIC highlights from 2016.
ITIC Program Advisor Carole Nakhle participated as a keynote speaker at the 11th International Energy Conference in Tehran, Iran, on 30-31 May.
Her talk preceded a panel discussion that included the following Iranian officials (among others from the private sector): Dr. Amirhosseein Zamani Nia, Deputy Oil Minister; Mr. Mohsen Khojaste Mehr, Ministry of Petroleum; and Mr. Mehdi Husseini, Head of the Oil Contracts Committee.
During her presentation, Dr. Nakhle spoke about the simple yet powerful and dynamic equation of risk-reward whereby investors seek to achieve a balance. She explained the impact of the oil price on investment decision and financing, then argued that government policies can compensate for changes in the oil price. For instance, during periods of low oil prices, an increase in investment is noted in countries where governments modified their fiscal terms favorably towards investors.
While in Tehran, Dr. Nakhle also gave an interview to a local TV station, and held meetings with the Director General and his Deputy at the Ministry of Petroleum, the Iranian National Tax Administration, as well as local experts.
The International Tax and Investment Center, a nonprofit research and educational organization, has developed a set of principles for hydrocarbon investment policies that experts believe will assist in the dialogue between developing countries and prospective oil and gas exploration and development investors. The Principles for Developing Country Hydrocarbon Investment Policies are designed as a possible framework for collaboration between countries and investors to ensure countries obtain full value for their resources while attracting and sustaining the substantial investments and operational expertise needed for efficient, safe and environmentally sound resource development. Continue reading “ITIC Releases Principles for Developing Country Hydrocarbon Investment Policies”