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Oil giants pay billions less tax in Canada

Oil giants pay billions less tax in Canada

Postby maryjane48 » Oct 28th, 2017, 9:54 am

https://www.theguardian.com/environment ... han-abroad



Canada taxes its oil and gas companies at a fraction of the rate they are taxed abroad, including by countries ranked among the world’s most corrupt, according to an analysis of public data by the Guardian.

The low rate that oil companies pay in Canada represents billions of dollars in potential revenue lost, which an industry expert who looked at the data says is a worrying sign that the country may be “a kind of tax haven for our own companies.”

The countries where oil companies paid higher rates of taxes, royalties and fees per barrel in 2016 include Nigeria, Indonesia, Ivory Coast and the UK.

“I think it will come as a surprise to most Canadians, including a lot of politicians, that Canada is giving oil companies a cut-rate deal relative to other countries,” said Keith Stewart, an energy analyst with Greenpeace.

Companies like Chevron Canada paid almost three times as much to Nigeria and almost seven times as much to Indonesia as it did to Canadian, provincial and municipal governments.

Chevron used to run its Nigeria and Indonesia projects out of the U.S., but after allegations that they evaded billions in taxes, their operations were moved to Canada.

According to data collected by the Guardian, Suncor also paid six times more taxes to the UK, and Canadian Natural Resources Limited (CNRL) paid almost four times more to Ivory Coast.
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Re: Oil giants pay billions less tax in Canada

Postby The Green Barbarian » Oct 28th, 2017, 9:46 pm

maryjane48 wrote:https://www.theguardian.com/environment/true-north/2017/oct/26/revealed-oil-giants-pay-billions-less-tax-in-canada-than-abroad

Canada taxes its oil and gas companies at a fraction of the rate they are taxed abroad, including by countries ranked among the world’s most corrupt, according to an analysis of public data by the Guardian.

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This is excellent news. Good job Canada! I hope that they continue to cut taxes not just for good solid strong job-generating oil companies, but for all companies. Thanks for posting this. A great pat on the back to all concerned that made this happen for Canada, what amazing fore-sight. Good also on the Guardian for heaping such great praise on us, I would have expected actually a negative article since usually the Guardian runs nothing but disgusting alt-left fake news. This is quite the departure from the norm.
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Re: Oil giants pay billions less tax in Canada

Postby Dizzy1 » Oct 28th, 2017, 9:50 pm

So taxing big companies to the verge of them leaving Canada is bad but then giving tax breaks to companies to keep the national economy stimulated is also bad?

Good grief - some people just seem so confused at what they really believe in :132:
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