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Oil tax bill approved and Berri calls for youth specialization in oil studies
20-9-2017
The Parliament in its legislative session of yesterday approved the 26-article oil tax law with a supplementary article requiring the Ministry of Energy to submit a report to the Council of Representatives every four months detailing all phases of the offshore oil and gas exploration and production process. The bill sets the royalty rate at 4% with 20% of the calculated taxable income on oil companies, that is the total revenue generated from petroleum activities after deducting all expenses. The income tax on companies will be set under the proposed sovereign wealth fund law responsible for collecting revenues from the exploration process, and the same applies to the dividend distribution tax. The energy and water minister, Cesar Abi Khalil, said after adoption of the bill, that the legislative system related to the functioning of oil and gas activity has been completed, and is commensurate with international standards regulating the petroleum industry. Abi Khalil advised oil firms wishing to participate in the first bidding round to observe the provisions of the law. On the other hand, Parliament Speaker, Nabih Berri, lamented the migration of Lebanon’s youth in search for jobs because they cannot find jobs in their country with the prevailing cabal of corruption. He stressed the importance of educational orientation, urging students to specialize in oil studies. “Give me some 6,7 or 10 thousand petroleum engineers. The industry has room for all of them. We need this specialty,” he said. Berri was speaking to a group of outstanding students in Amal Movement’s educational institutions who visited him.
Al Akhbar, An Nahar, Al Mustaqbal, September 16 and 20, 2017
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- العربية
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