Call not to raise oil/gas tax take

The main representative body for Ireland’s exploration industry has called for the Government to hold back on plans to increase the potential tax take from companies drilling for oil and gas in Irish waters.

As it currently stands, the Government stands to receive between 25% and 40% of profits from any commercial field in Irish waters — of which there are currently none (although Barryroe, in the Celtic Sea, is on course to be the first).

However, Natural Resources Minister Pat Rabbitte recently said that he intends to seek independent expert advice, by the end of this year, on what level of fiscal gain should be achieved by Ireland and how the State should go about achieving it.