LONDON--(BUSINESS WIRE)--Ernst & Young today publishes its second annual Global Oil and Gas Tax Guide 2010 summarizing the oil and gas tax regimes in 57 countries. This year the guide introduces 17 new countries across the Americas, Africa, Europe, the Middle East and the Far East regions.

2010 continues to be a challenging year for oil and gas companies to implement local tax legislation, which often differs considerably from normal corporate tax regimes. Many countries have their own legislation, covering both the production and consumption of energy.

Alexey Kondrashov, Global Oil & Gas Tax Leader at Ernst & Young Moscow, says: “The Oil and Gas Tax Guide uniquely offers a detailed overview of tax regimes for different jurisdictions across the world. This will help oil and gas companies to navigate effortlessly through often too complicated fiscal regimes, capital allowances, incentives, withholding taxes and transactions to address their tax needs in today’s highly complex environment.”

Other findings include:

• Differences between income-based and corporate taxes applicable to oil and gas producers
• Ring-fencing oil and gas fields for tax purposes
• Oil and gas royalties
• Structure of production sharing contacts in host countries
• Countries' dependence on oil and gas export taxes
• Other instruments used to tax oil and gas producers

Notes to Editors

Tax information

This publication should not be regarded as offering a complete explanation of the tax matters referred to and is subject to changes in the law and other applicable rules. Local publications of a more detailed nature are frequently available, and readers are advised to consult their local Ernst & Young professionals for more information.

Ernst & Young produces guides on personal tax and immigration systems for executives and on value added tax (VAT) and goods services tax (GST) systems. Ernst & Young also produces the annual Worldwide Corporate Tax Guide.

About Ernst & Young’s Global Oil & Gas Center

The oil and gas industry is constantly changing. Increasing regulatory pressures, price fluctuations and geopolitical complexities all present significant challenges. Ernst & Young’s Global Oil & Gas Center brings together a worldwide team of professionals to help achieve your potential – a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately it enables us to help you meet your goals and complete more effectively. It’s how Ernst & Young makes a difference.

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