The government’s approach to its declining hydrocarbon industry has historically been measured and fair. However, the amendments to the "Climate Emergency Bill" cause concern, despite providing some relief to its O&G segment. That more draconian measures are planned, significant risks are prevalent. Consequently, the outlook remains Uncertain.
March 1, 2023
Europe - North West
Western Europe, occupying five-sixths of the island of Ireland in the North Atlantic Ocean, west of Great Britain.
Ireland’s O&G fiscal regime consists of corporation tax, a profit resource rent tax ("PRRT") and a petroleum production tax ("PPT"). PRRT is not deductible for corporation tax purposes and only applies only to exploration licenses and reserved area licenses awarded on or after 1 January 2007. PPT is deductible for corporation tax purposes and is not liable of licences that are subject to PRRT.
Ireland joined the European Community in 1973 and the euro-zone currency union in 1999. Growth since 2008 has ben measured and consistent, fuelled by continued foreign direct investment, especially from US multinationals drawn by its attractive tax structure.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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