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Philippines: Oil exploration firms appeal COA ruling on income tax payment
Philippines: Oil exploration firms appeal COA ruling on income tax payment
Wednesday, August 10, 2016 – The Petroleum Association of the Philippines (PAP) is appealing a Commission on Audit (COA) ruling for exploration companies to pay income tax on top of the royalties paid to government.
In a briefing yesterday, PAP executive director Benjamin Austria said the group reiterated its concern to government over the COA order as the inconsistency in policies would discourage foreign investors from putting money in the country’s oil and gas sector.
“We are very concerned by law and by contract,” he said. “We need investors, but if we show that we don’t have a clear investment policy, the industry will be affected. If you change the terms, if you kill the industry then we cannot develop this for the country.”
Austria said oil and gas exploration companies need foreign partners “to really go up in capital intensive projects at high risk.” Read More?