Europe, Middle East and Africa Oil and Gas Correspondent
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Apr 14, 2014

BG Group’s Singapore trading move seen cutting big UK tax bill

LONDON, April 14 (Reuters) – When BG Group Plc
announced last week it was shifting the headquarters of its oil
and liquefied natural gas (LNG) trading operation to Singapore
from Britain, it said the aim was to get closer to its

Analysts and consultants agreed that the growing importance
of Japanese and Korean utilities in the LNG market meant the
move would have clear logistical and commercial benefits. But
they also said another motivation was likely at play: tax.

Apr 11, 2014

Tax burden on wages in rich countries rose again in 2013: OECD

LONDON (Reuters) – Taxes on wages rose across industrialized countries last year, as governments sought to reduce budget deficits blown out by efforts to tackle years of economic weakness following the financial crash.

The Organisation for Economic Co-operation and Development (OECD), whose members include the world’s richest nations, said the total burden of taxes on labor rose to 35.9 percent in 2013 from 35.7 percent in 2012.

Apr 1, 2014

Hutchison wins European court fight against UK tax bill

LONDON, April 1 (Reuters) – Hutchison Whampoa has
won a legal battle that will allow it to offset losses at its UK
mobile phone business against profits from other British
subsidiaries, setting a precedent that could allow other groups
to cut their tax bills.

A European Court of Justice (ECJ) ruling on Tuesday held
that British regulations covering “group relief” – the right to
share losses between affiliated companies for tax purposes -
were overly restrictive and broke European Union rules on the
freedom of companies to do business across the bloc.

Mar 7, 2014

UK court ruling may prompt more scrutiny of Amazon tax plans

LONDON (Reuters) – Amazon’s tax affairs could come under more scrutiny in Britain, tax experts said, after a judge questioned whether it really was organized in the tax efficient way it said it was.

The ruling comes as big technology groups, including Amazon, face increasing scrutiny in Britain over their tax practices.

Mar 6, 2014

London’s lucrative Russia ties hang over sanctions debate

LONDON (Reuters) – Britain’s Office for National Statistics says as many of the country’s residents were born in Mauritius and Cyprus as in Russia.

The fact British newspapers haven’t coined Mauritian or Cypriot equivalents to “Londongrad” and “Moscow-on-the-Thames” to describe the capital underlines the special social and economic impact Russians have had on Britain in the past decade and a half.

Mar 4, 2014

Ukraine queries shale deals as Yanukovich era under scrutiny

KIEV/LONDON (Reuters) – Commercial deals concluded by Ukraine during the presidency of Viktor Yanukovich are already coming under scrutiny, less than two weeks since he was deposed, with lucrative gas projects involving Western companies among the first.

Since Yanukovich fled after three months of street protests that claimed nearly 100 lives, the new authorities in Kiev are looking for any evidence that he arranged deals to benefit people close to him. The acting prosecutor general has said he would review Yanukovich-era contracts for evidence of corrupt practices.

Feb 25, 2014

Foreign companies in Turkey face squeeze

LONDON/VIENNA, Feb 25 (Reuters) – Foreign companies in
Turkey are beginning to feel the effects of a sagging currency,
rising inflation and a growing political power struggle, adding
to fears the country may not be the source of future growth that
some companies had hoped.

As Western companies unveiled their 2013 results in recent
weeks, most of those with operations in Turkey said they were
committed to continuing to invest in the country. However, many
acknowledged bumps in their performance there.

Feb 25, 2014

Foreign investors in Turkey face squeeze

LONDON/VIENNA, Feb 25 (Reuters) – Foreign investors in
Turkey are beginning to feel the effects of a sagging currency,
rising inflation and a growing political power struggle, adding
to fears the country may not be the source of future growth that
some companies had hoped.

Like other developing economies, Turkey has been battered in
recent months by U.S. Federal Reserve plans to reduce its
monetary stimulus. This had allowed financial investors to
borrow cheaply in the United States and invest in high yielding
securities in faster growing, lesser developed economies.

Feb 13, 2014

Google overseas tax bill rises as UK sales hit $5.6 bln

LONDON, Feb 13 (Reuters) – Google said its overseas
tax bill rose sharply in 2013, while sales in Britain, its
biggest foreign market, hit a record $5.64 billion.

Google said in its 10-K annual report filed on Wednesday
that its overseas tax charge, including deferred taxes, was $743
million in 2013.

Feb 7, 2014

Yahoo shifts Europe tax base to Ireland from Switzerland

LONDON/ROME (Reuters) – Yahoo! Inc is shifting its main European tax base to Ireland from Switzerland, a Reuters examination of company statements and accounts shows, as pressure mounts on the Alpine nation to abolish some corporate tax incentives.

The internet search group said the shift reflected a streamlining of its European operations and was not motivated by a desire to cut its tax bill, one of the higher in the U.S. tech sector.

    • 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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