TaxAdministrationBP settles $US379m tax dispute with Alaska

BP settles $US379m tax dispute with Alaska

BP has agreed to pay Alaska $US379m (£191m) to settle dispute over corporate income tax liabilities

BP
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.

Further reading:

BP cuts spending after $US1.5bn tax slug

Read
story in the Financial Times

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

4d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

3w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter