IRELAND SLATES PETROLEUM TAX LAW FOR 1992

Ireland plans to introduce detailed petroleum tax legislation in a bid to encourage development of offshore oil discoveries. Details of taxation proposals will be announced next year after preparatory work by the Irish Department of Energy, Department of Finance, and tax authorities. Irish Energy Minister Robert Molloy said the standard corporation tax of 40% will apply to profits from hydrocarbon production. In addition, ring fence provisions will be adjusted to allow losses and expenses from

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