Professional services firm KPMG in Romania has launched the first edition of a guide on the taxation framework in the oil and gas industry, which has become a more demanding issue for companies in the sector after the government rolled out new taxes from February 2013, while new royalties should be applied from January 2015.
Ramona Jurubita, tax partner KPMG, deputy head of taxation, commented the enforcement of a new 1.5 percent tax on the value of special constrictions will also apply to gas and petroleum wells, grids and pipe ducts, which have been exempted up to now.
“Consequently, it is important for each company in this sector to review the taxable base for the purposes of calculating this tax , for example, by identifying those elements which could be deducted from the value of the constructions, both from an accounting and a fiscal point of view,” said Jurubita.
According to KPMG’s guide, Romania’s oil production reached 86,000 barrels daily, while its consumption stood at 182,000 barrels in 2012. On gas, production amounted to 10.9 billion bcm last year, while consumption stood at 13.5 billion.
Ovidiu Posirca