The government of Algeria today revealed details of the new windfall profits tax on foreign oil and gas companies operating in the country. The tax is retroactive to 1 August 2006. It states that foreign companies are to pay between five and 50% tax on exceptional profits with the rate determined by the amount of their production. It is applicable when the price of Brent as reported by Platts Crude MarketWire Spot Crude Assessments rises above US$30 per bbl in a month. Each of the five current types of agreements presently held by foreign companies has its own specific tax regime. The government will commence collection of the taxes due under the new law immediately.
BajaeNergy News
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