News Release - Issued by Shell to Sea - June 18th , 2014
CHANGES TO OIL/GAS LICENSING TERMS 'COSMETIC'
-- State continues to rely primarily on corporation tax to extract revenue --
The changes to Ireland's licensing terms for oil and gas announced by Pat Rabbitte today (18th June 2014) are cosmetic and will do little to address the State's mismanagement of its valuable resources, according to Shell to Sea.[1]
Shell to Sea spokesperson Maura Harrington said: "These changes are cosmetic, Ireland will continue to rely almost exclusively on a tax on profits as a means of extracting revenue from the oil and gas it has given to private companies. We have seen recently how creative accounting has resulted in corporations such as Apple paying almost no tax on profits in Ireland." [2,3]