Tag: Taxes
Alberta to give municipalities relief on oil and gas uncollected tax
Cost estimate of program determined once applications received from municipalities, $10 million cap The Alberta government is supporting municipalities by providing a tax credit for uncollectable education property taxes on oil and gas properties, according to an Alberta government press release. Municipalities collect education property taxes on behalf of the province through their municipal property […]
State taxes on gasoline in 2017 up 4.5% from 2016
American gasoline buyers pay state taxes, as well as federal tax of 18.4 ¢/gal (unchanged since 1993) In EIA’s latest update of state gasoline and diesel fuel taxes data, the simple average of taxes and fees on gasoline levied by the states and the District of Columbia in effect as of July 1, 2017, was 27.9 […]
Trump administration looking at carbon tax, value-added tax
Carbon tax part of tax code overhaul On Tuesday, the Washington Post reported the Trump administration is exploring a carbon tax and a value-added tax as part of the planned tax code overhaul, according to an unidentified administration official who has been briefed on the matter. The new tax options are under consideration by President […]
Canadian exporters, fearing Trump border tax, scramble to shift production
10 per cent Trump border tax could cause Canada’s total goods exports to the US to drop by about 9 per cent By Andrea Hopkins OTTAWA, Jan 19 (Reuters) – Canadian exporters are scrambling to find ways to avoid a potential 10 percent import tax promised by U.S. President-elect Donald Trump, including the possible shifting of […]
Oil business seen in strong position under Trump tax reform
Trump tax reform includes controversial border adjustability provision By David Morgan WASHINGTON (Reuters) – Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports, given that President-elect Donald Trump’s cabinet is studded with oil champions sensitive to the risk of higher gasoline prices. Trump’s emerging leadership includes […]
Optimism emerges for battered global mining industry – BDO study
By 2013, tax rate cut nearly in half to 9.8 per cent, by 2015, middle market global mining companies were paying virtually no tax at all BRUSSELS – It’s no surprise that the global mining industry has endured a difficult few years, and for many mining companies, optimism has been in short supply, according to a BDO […]
Despite overregulation, Western US E&P industry making significant economic contributions
Western E&P sector provides $14.5 billion in wages to working families, and over $13 billion in taxes annually DENVER – According to updated economic data, the western oil and natural gas exploration and production (E&P) industry supports 177,058 jobs across the United States and remains a major economic contributor with $49.2 billion in annual economic activity, […]
Oil services firm Weatherford to pay $140 million for accounting fraud
Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million By Suzanne Barlyn (Reuters) – Oil services company Weatherford International LLC has agreed to a $140 million penalty to settle charges it inflated its earnings by using deceptive income tax accounting, the U.S. Securities and […]
Islamic State’s new taxes, fines indicate worsening financial situation – IHS
New fines since Dec. 2015: Not trimming one’s beard, leaving house door open, repairing or installing satellite dishes LONDON- In response to their worsening financial situation, the Islamic State is continuing to increase, taxes and fines throughout its territory and in some cases introducing new ones. New analysis released by international consultancy IHS Inc. reveals new […]
State taxes on gasoline and diesel average 27 cents per gallon
Revenue from motor fuel taxes has declined because increased vehicle fuel economy has slowed the growth in gasoline and diesel consumption According to the EIA, state-level taxes and fees on gasoline in the United States averaged 26.5 cents per gallon (¢/gal) as of Jan. 1, 2016. These taxes and fees ranged from a low of […]
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