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East Timor Seeking Unpaid Oil Taxes

by Mary Swire, Tax-News.com, Hong Kong

13 July 2012


'Billions of dollars' are potentially at stake in a row that has erupted between the East Timor government and foreign oil companies over alleged unpaid taxes.

According to reports, the government is seeking recovery of "possibily billions" in tax from companies operating in an area jointly owned by East Timor and Australia. The goverment has begun an autiting process in an effort to claw back the money lost through alleged tax discrepancies.

Over 90% of East Timor's revenue is derived from petroleum reserves. Secretary of State for Natural Resources Alfredo Pires called the dispute a "David and Goliath fight". The country could be owed "hundreds of millions, possibly billions of dollars", he said.

American company ConocoPhillips is the only company to have been named at this stage. It is expected to challenge the charge laid against it.

TAGS: compliance | tax | tax compliance | Timor-Leste | tax avoidance | law | Australia | oil and gas

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