VAT and Customs Duty in the Oil and Gas Industry - 1-day course in London
VAT and customs duty issues in the oil and gas industry are many, varied and often very complex. This course gives comprehensive guidance on all the UK indirect tax rules in this sector.
Suitability - Who should attend?
It is intended for those responsible for ensuring correct compliance with indirect tax regime.
Outcome / Qualification etc.
CPD 6 hours
Training Course Content
Introduction and background to structures and trading issues
Offshore exploration and exploitation
- The supply chain
- VAT registration
- Deduction of input tax incurred prior to registration
- Place of supply
- VAT liability of principal supplies and imports
- Exploration and production charges
- Pipeline transportation and maintenance
- On shore terminals
- Goods returned from the continental shelf
- Supplies to OMS from third party contractors
Onshore exploration and exploitation
- Liability of exploration and production billings
- Supplies by third party contractors
- Environmental taxes
Disposal and rearrangement of licence interests and financing agreements
- Transfers of going concerns (TOGSs)
- Supplies not involving a TOGC
- Processing and other services
- VAT accounting procedures
- Evidence for claiming VAT
- Home produced oil
- Imports of finished products
- Valuation for VAT and tax points
Imports from outside the EU for use offshore – (Ship Work End Use Relief – SWEU)
- Eligible goods and prescribed uses
- Record keeping and time limits
- Decommissioning of rigs and platforms in the UKCS
Contact Quorum Training for pricing details for running this course in-house. The price will include pre-course discussions with the trainer, supporting course materials and delivery of a practical, interactive course that meets your training needs.
Quorum Training - Business and Finance Courses for Professionals
Quorum Training provides a range of specialist courses designed specifically for business and finance professionals. Covering Accounting and Finance, Taxation, VAT, Governance, Risk and Compliance, Financial Markets and Corporate Treasury, and Charities. Quorum deliver bespoke in-house and public training programmes....
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