Exploration (Alaska) agreed on New Year’s Eve to deposit $US379m (£191m) in
the state of Alaska’s main savings account, settling a dispute over its
corporate income tax liabilities for 2000-02.
Sarah Palin, the Alaska state governor, said she was pleased with the
settlement and appreciated ‘BP’s willingness to work with the state of Alaska
and come to a fair resolution’, according to Financial Times.
The payment, on behalf of the BP subsidiary, is another blow to BP which is
still under investigation by state officials for a 2006 oil spill in Prudhoe Bay
which cost the company $US20m in fines.
BP is reconsidering its future oil developments in Alaska after the state
last month enacted legislation which increase tax on the oil industry, boosting
the rate from 22.5% to 25% of the net value of oil.
Taxman lines up early exit from doomed Concentrix tax credits deal, as HMRC faces intense scrutiny from MPs
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more