Libya: Petroleum Taxation Risk for IOCs
Article from: OGEL 4 (2006), in Taxation
Introduction
Under the various tax laws of HC, IOCs have had to pay income tax either as a flat corporate tax or through separate petroleum tax legislation. In general income tax is paid by IOCs at rates varying from 35% to 85%, depending on a variety if factors such as prospectivity, the types of petroleum agreements applied, production volume and suchlike. Payment of tax can also be effected directly to the Treasury, or under separate legislation, to the responsible state body such as the Energy Ministry or a National Oil Corporation. Since the Venezuela experience of the middle of last ...