Noonan raises tax rate for oil and gas discoveries

The levy is to jump from 40 per cent to 55 per cent

22nd October, 2015

Finance Minister Michael Noonan is hiking up the tax on oil and gas discoveries to increase the return to the state.

There has been repeated criticism of the tax rates, even though the Corrib Gas field off the coast of Mayo is one of the few successful finds.

Noonan is now bringing in a “Petroleum Production Tax”, which will increase the maximum tax take on an oil or gas producing field from 40% to 55%.

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