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The fiscal regime in Albania for upstream oil and gas operations

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Albania Energy Association
Albania Energy Association

Presentation: The fiscal regime in Albania for upstream oil and gas operations Anisa Jasini, Tax Services Manager, Ernst & Young, Albania

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Presentation: The fiscal regime in Albania for upstream oil and gas operations Anisa Jasini, Tax Services Manager, Ernst & Young, Albania
The fiscal regime in Albania for upstream oil & gas operations 17 March 2015
Page 3 Agenda ► Highlights of the Albanian fiscal regime for oil & gas sector ► Issues, pitfalls and loopholes in its implementation ► Ideas for a more efficient and predictable regime The fiscal regime in Albania for upstream oil & gas operations
Page 4 Highlights Special fiscal regime for the taxation of oil & gas profits ► PSC model for the sharing of petroleum ► Special profit tax at 50% on petroleum profits ► Royalty at 10% on petroleum sales ► VAT exemption during exploration ► Custom duty exemption The fiscal regime in Albania for upstream oil & gas operations
Page 5 Albanian PSC Fiscal Regime The fiscal regime in Albania for upstream oil & gas operations Contractor’s Profit Petroleum GOVERNMENT CONTRACTOR Royalty 10% Cost Recovery Petroleum Profit Tax 50% Petroleum after tax Government Share Government Share Petroleum production Cost Recovery Petroleum Royalty 10% ProfitPetroleum
Page 6 Issues, pitfalls and loopholes in the implementation of the regime ► Fiscal stability issues ► VAT exemption procedure pitfalls ► Outdated legislation The fiscal regime in Albania for upstream oil & gas operations
Page 7 Fiscal stability ► PSC’s stability clause provides for economic equilibrium ► PSCs are not approved by the Parliament and changes to the fiscal legislation affect the Contractors: ► Royalty tax introduced in 2008 ► VAT exemption during development phase removed in 2014 ► Exemption from payroll tax for expatriates removed in 2014 ► Exemption from excise removed in 2014 The fiscal regime in Albania for upstream oil & gas operations
Page 8 VAT exemption procedure ► VAT exemption rules have changed several times ► New requirements narrowed the eligibility for VAT exemption ► Misaligned procedures between AKBN and tax authorities The fiscal regime in Albania for upstream oil & gas operations
Page 9 Outdated legislation ► Special law on petroleum profit tax is outdated and has been curtailed over the years ► Lack of implementing administrative guidelines The fiscal regime in Albania for upstream oil & gas operations
Page 10 Ideas for a more efficient and predictable regime ► New legislation on the taxation of petroleum profits, to be: ► Prepared in consultation with stakeholders ► Aligned with international best practices ► Addressing actual and potential issues ► Detailed administrative guidelines ► Clear and simple procedures for VAT exemption during exploration should be introduced The fiscal regime in Albania for upstream oil & gas operations
Page 11 ►Questions? The fiscal regime in Albania for upstream oil & gas operations
Thank you!

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The fiscal regime in Albania for upstream oil and gas operations

  • 1. Presentation: The fiscal regime in Albania for upstream oil and gas operations Anisa Jasini, Tax Services Manager, Ernst & Young, Albania
  • 2. The fiscal regime in Albania for upstream oil & gas operations 17 March 2015
  • 3. Page 3 Agenda ► Highlights of the Albanian fiscal regime for oil & gas sector ► Issues, pitfalls and loopholes in its implementation ► Ideas for a more efficient and predictable regime The fiscal regime in Albania for upstream oil & gas operations
  • 4. Page 4 Highlights Special fiscal regime for the taxation of oil & gas profits ► PSC model for the sharing of petroleum ► Special profit tax at 50% on petroleum profits ► Royalty at 10% on petroleum sales ► VAT exemption during exploration ► Custom duty exemption The fiscal regime in Albania for upstream oil & gas operations
  • 5. Page 5 Albanian PSC Fiscal Regime The fiscal regime in Albania for upstream oil & gas operations Contractor’s Profit Petroleum GOVERNMENT CONTRACTOR Royalty 10% Cost Recovery Petroleum Profit Tax 50% Petroleum after tax Government Share Government Share Petroleum production Cost Recovery Petroleum Royalty 10% ProfitPetroleum
  • 6. Page 6 Issues, pitfalls and loopholes in the implementation of the regime ► Fiscal stability issues ► VAT exemption procedure pitfalls ► Outdated legislation The fiscal regime in Albania for upstream oil & gas operations
  • 7. Page 7 Fiscal stability ► PSC’s stability clause provides for economic equilibrium ► PSCs are not approved by the Parliament and changes to the fiscal legislation affect the Contractors: ► Royalty tax introduced in 2008 ► VAT exemption during development phase removed in 2014 ► Exemption from payroll tax for expatriates removed in 2014 ► Exemption from excise removed in 2014 The fiscal regime in Albania for upstream oil & gas operations
  • 8. Page 8 VAT exemption procedure ► VAT exemption rules have changed several times ► New requirements narrowed the eligibility for VAT exemption ► Misaligned procedures between AKBN and tax authorities The fiscal regime in Albania for upstream oil & gas operations
  • 9. Page 9 Outdated legislation ► Special law on petroleum profit tax is outdated and has been curtailed over the years ► Lack of implementing administrative guidelines The fiscal regime in Albania for upstream oil & gas operations
  • 10. Page 10 Ideas for a more efficient and predictable regime ► New legislation on the taxation of petroleum profits, to be: ► Prepared in consultation with stakeholders ► Aligned with international best practices ► Addressing actual and potential issues ► Detailed administrative guidelines ► Clear and simple procedures for VAT exemption during exploration should be introduced The fiscal regime in Albania for upstream oil & gas operations
  • 11. Page 11 ►Questions? The fiscal regime in Albania for upstream oil & gas operations