Europe, Middle East and Africa Oil and Gas Correspondent
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Dec 3, 2012

Gabon seeks tougher terms from oil companies

LONDON, Dec 3 (Reuters) – Gabon is seeking to squeeze more
money out of foreign oil companies operating in the country,
executives say, potentially damping enthusiasm for a
long-awaited deepwater licensing round due next year.

The move mirrors similar steps by resource-rich nations
around the world over the past decade, when countries such as
Kazakhstan or Venezuela clawed back projects or tightened the
terms for international companies as energy prices soared.

Dec 3, 2012

MPs call for tax crackdown on multinationals

LONDON (Reuters) – A committee of MPs has called on government to crack down on multinational companies that make substantial sales in Britain but pay little tax here, echoing demands from leaders across Europe for measures to tackle corporate tax avoidance.

The Public Accounts Committee (PAC) said on Monday the government should set down rules limiting inter-company transactions that reduce companies’ tax bills, push for more transparency in company reporting on tax and work with other countries to limit profit-shifting across borders.

Dec 3, 2012

UK lawmakers call for tax crackdown on multinationals

LONDON, Dec 3 (Reuters) – A committee of UK lawmakers has
called on government to crack down on multinational companies
that make substantial sales in Britain but pay little tax here,
echoing demands from leaders across Europe for measures to
tackle corporate tax avoidance.

The Public Accounts Committee (PAC) said on Monday the
government should set down rules limiting inter-company
transactions that reduce companies’ tax bills, push for more
transparency in company reporting on tax and work with other
countries to limit profit-shifting across borders.

Dec 2, 2012

Starbucks says may pay more UK tax

LONDON (Reuters) – Coffee chain Starbucks (SBUX.O: Quote, Profile, Research, Stock Buzz) said it was considering changes to its UK tax practices, which allowed it to make billions in revenue while paying little in income taxes, following criticism from lawmakers, tax campaigners and the media.

A Reuters examination of Starbucks accounts published in October showed the company had reported 13 years of losses at its UK unit, even as it told investors the operation was profitable and among the best performing of its overseas markets.

Nov 30, 2012

Insight: EBay’s double tax base prompts calls for investigation

LONDON (Reuters) – Britain and Germany may have missed out on a combined $1 billion in sales tax since online marketplace eBay picked a tiny Luxembourg office as its base for EU sales, a shift that lawmakers say should now be investigated.

EBay’s nomination of Luxembourg unit eBay Europe Sarl – with a staff of nine – as its provider of services to EU clients allows it to charge customers in Europe a low rate of sales tax, often known as Value Added Tax, helping it to compete against rivals.

Nov 30, 2012

EBay’s double tax base prompts calls for investigation

LONDON, Nov 27 (Reuters) – Britain and Germany may have
missed out on a combined $1 billion in sales tax since online
marketplace eBay picked a tiny Luxembourg office as its
base for EU sales, a shift that lawmakers say should now be
investigated.

EBay’s nomination of Luxembourg unit eBay Europe Sarl – with
a staff of nine – as its provider of services to EU clients
allows it to charge customers in Europe a low rate of sales tax,
often known as Value Added Tax, helping it to compete against
rivals.

Nov 23, 2012

BP reorganises oil production unit

LONDON, Nov 23 (Reuters) – BP unveiled a
reoganisation of its oil and gas production operations on
Friday, reversing a change it enacted after the Gulf of Mexico
oil spill.

The latest move is partly intended to free Chief Executive
Bob Dudley up from close oversight of day-to-day operations so
he can help chart BP’s recovery from the disaster which killed
11 men and spilled 5 million barrels of crude into the sea,
three sources close to the company said.

Nov 23, 2012

Exclusive: BP to restructure oil production unit – sources

LONDON (Reuters) – BP is planning to announce a reorganization of its oil and gas production operations, three sources familiar with the matter said, the second significant restructuring of its main cash generator since the Gulf of Mexico oil spill.

The latest changes will undo some of the measures Chief Executive Bob Dudley imposed in 2010 and are partly intended to free him up from close oversight of day-to-day operations so he can help chart BP’s recovery from the disaster which killed 11 men and spilled 5 million barrels of crude into the sea.

Nov 23, 2012

BP to restructure oil production unit-sources

LONDON, Nov 23 (Reuters) – BP is planning to announce
a reorganisation of its oil and gas production operations, three
sources familiar with the matter said, the second significant
restructuring of its main cash generator since the Gulf of
Mexico oil spill.

The latest changes will undo some of the measures Chief
Executive Bob Dudley imposed in 2010 and are partly intended to
free him up from close oversight of day-to-day operations so he
can help chart BP’s recovery from the disaster which killed 11
men and spilled 5 million barrels of crude into the sea.

Nov 12, 2012

MP slam Starbucks, Amazon and Google on tax

LONDON (Reuters) – MPs criticised executives of Starbucks, Google and Amazon on Monday for not paying more tax in Britain and Amazon said it had received a $252 million (158.7 million pounds) demand for back taxes from France.

Britain’s Public Accounts Committee (PAC), which is charged with monitoring government financial affairs, invited the companies to give evidence amid mounting public and political concern about tax avoidance by big international companies.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
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