Canada: New Tax Incentives To Advance Liquefied Natural Gas Projects

On February 19, 2015, the Canadian government announced new proposed tax incentives intended to encourage investment decisions with respect to liquefied natural gas (“LNG”) projects.  The tax incentive takes the form of an enhanced rate of capital cost allowance (“CCA”, being the tax version of depreciation) of:

30% for equipment used in natural gas liquefaction; and
10% for buildings at a facility that liquefies natural gas,

in each case for capital assets acquired between February 19, 2015 […]

By |February 23rd, 2015|

Nigeria: Tax Appeal Tribunal Says Realisable Price Should Be Used For Petroleum Profit Tax Purposes

There has been a long standing dispute between the Federal Inland Revenue Service (FIRS) and oil producing companies on the applicable price of crude oil to be used for tax purposes. The Tax Appeal Tribunal (TAT) on 23 January 2015 ruled that the realisable price, and not the official selling price, should be used for the tax years during which the relevant Memorandum of Understanding (MOU) between the government and the oil companies remained […]

By |February 20th, 2015|

Canada: Finance Minister De Jong Today Delivered Budget 2015 Containing Very Little In The Way Of Tax Measures

On a macro-economic level, the Budget forecasts a surplus of $879 million for fiscal 2014/2105 and smaller surpluses, ranging from $284 million to $399 million, for the following 3 years. Revenue is expected to grow by 2.7 percent annually and expenses by 2.5 percent over that 4 year period. Provincial debt is scheduled to increase from $63 billion to $70.4 billion over the next three years, but debt as a percent of GDP to […]

By |February 20th, 2015|