MercoPress. South Atlantic News Agency
Falklands’ considering easing capital gains tax for oil and gas industry
The Falkland Islands government is considering tax legislation that will help to further promote the oil and gas industry activities by granting more time for the capital gains effective presentation. Read full article
Comments
Disclaimer & comment rulesSounds like a production farm-in is imminent.
Jul 05th, 2012 - 08:09 am - Link - Report abuse 0It doesn't inspire much confidence that this has only surfaced after one of the five have actually secured a farm-in. It's also bad news for Falkland Holdings in as much as Government infrastructure aspirations may need to be delayed. Still, it's got to be the right thing to do and is a welcome sign that things are moving on in a clandestine manner.
Jul 05th, 2012 - 08:47 am - Link - Report abuse 0The Falklands tax regime is stunningly complex and stupid. This is just a small glimmer of hope at the end of a very long tunnel. Exco should quickly take on board that the way to get most tax is to make it a fair and clear system. At the moment ,everyone in and dealing with the Falklands are finding ways to avoid any tax. Most of the changes in the last few years have been totally unnessecary and no politician is brave enough to break away from the flock at Gilbert house and speak out.No one understands what it takes to attract entrepeneurs and tax them simply and fairly.
Jul 05th, 2012 - 09:50 am - Link - Report abuse 0So the Falklands is to join the Cayman and Channel Isalnds etc as a great British tax haven, just what we needed!
Jul 05th, 2012 - 09:56 am - Link - Report abuse 02
Jul 05th, 2012 - 10:36 am - Link - Report abuse 0There's no link between this decision by Gilbert House and FIG's infrastructure aspirations. Major capital projects are being held back regardless of the levels of pre-production income until production income is realised.
3
I agree with you about the Falklands tax regime; it needs a complete overhaul.
4
That's not exactly a logical conclusion to draw but then again why would anyone be surprised that you drew it?
@2 Doveoverdover (#) Jul 05th, 2012 - 08:47 am
Jul 05th, 2012 - 11:01 am - Link - Report abuse 0“things are moving on in a 'clandestine' manner.”
...................clan·des·tine
[klan-des-tin] Show IPA
adjective
characterized by, done in, or executed with secrecy or concealment, especially for purposes of subversion or deception; private or surreptitious: Their clandestine meetings went undiscovered for two years....................
Well somebody has really ballsed this one up because it is being openly reported in world wide media news outlets. Heads will roll for this one I am sure.
Just imagine - after a few years of oil revenues all the penguins can be kitted out in union jack waistcoats. Don't want the poor fellas getting cold from the icy stares from across the water.
Jul 05th, 2012 - 11:49 am - Link - Report abuse 0The islands will grow,
Jul 05th, 2012 - 12:50 pm - Link - Report abuse 0The population will grow,
Trade and commerce will grow,
Towns will grow,
,,,,,,,,,,,,,,,,,,
And CFK will still play with the make up,
Still, you have to look your best, when you have ruined everything else .
.
@8, I do not see the islands growing, There are just 3000 inhabitants and 1500 soldiers.
Jul 05th, 2012 - 01:09 pm - Link - Report abuse 0Your words sound as a desire, but you know that the islands are almost isolated, because of Arg. off course.-
The islands solely a UK military base ,not even a colony let alone a country.
Jul 05th, 2012 - 01:17 pm - Link - Report abuse 0I love comments like LightThink, surely his/her comment (10) can't be what you truly think. Do you want to stand by that comment LightThink? It just shows you have never been to the Falklands. You have discredited yourself completely.
Jul 05th, 2012 - 01:50 pm - Link - Report abuse 0Deutscher, the Islands will grow and have been growing. FIG has generated two financial years of substantial surplus. Companies in the Falklands are enjoying the bubble of the hydrocarbons exploration and the population IS growing. The Falklands has reserves of 150% of its GDP, we could not be fiscally managed better. And we have the prospect of hydrocarbons production. We are standing at the dawn of a very prosperous future. And at the moment we are taking action to ensure this future is maximised.
All of this is being accomplished in spite of Argentina’s attempts to destroy our livelihoods. Argentina take note.
@11. I want to ask you if it is possible to develop an oil extraction industry without having support from the continent.
Jul 05th, 2012 - 02:37 pm - Link - Report abuse 0I am not an oil expert, but what do experts say in the islands? Is it possible?
@12 deutscher (#) Jul 05th, 2012 - 02:37 pm
Jul 05th, 2012 - 03:17 pm - Link - Report abuse 0A = Yes.
Next question.
@9 - Deutscher When I came to live in the Falklands in 1987 the population was about 2000 - it is now about 3000, a rise of 50% in 25 years. I don't know if you are German or Argentinian, but in the same period, Argentinas population rose by 33% and Germany by 5%. I don't think you will find many countries that have grown more as a percentage, in population or GDP per capita, than the Falklands.
Jul 05th, 2012 - 03:33 pm - Link - Report abuse 0@12
Jul 05th, 2012 - 05:38 pm - Link - Report abuse 0do you really believe that there won't be any support from the continent? Chile, Brazil and Uruguay already give Argentina the finger regarding trade with the Falklands, they'll certainly want a slice of the pie when it comes to supporting the development of the oil industry.
In the real world we're not the ones standing alone, Argentina is.
BK
Jul 05th, 2012 - 05:51 pm - Link - Report abuse 0The facts speak for themselves.
British governance made HK the most productive and advanced corner of Asia. When it was handed back in 97 there was an exodus of HK Chinese to OTHER Anglo territories, namely Canada.
The Opium Wars started with a confused scuffle between traders (not just British) and Canton authorities. The war was ultimately prosecuted by the British, but the underlying friction was that China was happy to sell its goods to the world, but refused to open up and import goods. A little unrealistic don’t you think.. In the first opium war, once the Brits got going on them, they really got going. They pushed on until they controlled all the major river systems. The Chinese suffered massive casualties.
By the time the Chinese were ready for round 2, the USA, France and Russia who had similar problems with the Chinese all wanted in on the action and the result of optium war II was similar.
The moral of the story is that if you isolate yourself you become obsolete and when reality kicks your door in you get a rude awakening.
2 Muppet
Jul 05th, 2012 - 05:55 pm - Link - Report abuse 0More doom and gloom Doddy?
You'll probably cut your wrists when the first oil is brought to the surface.
Still every cloud. ;-)
#8 And she always does look her best, doesn't she? =) But if the Islands grow, where will the extra people come from? Maybe from their closest neighbour and then they may self-determine something else...
Jul 05th, 2012 - 06:01 pm - Link - Report abuse 0Think! Help! they're ganging up on me.....
Jul 05th, 2012 - 06:35 pm - Link - Report abuse 0Mollymauk @ 14
Jul 05th, 2012 - 06:48 pm - Link - Report abuse 0Agreed, but the key difference is that Germany and the Falkland Islands will most probably have the necessary revenues to support their respective increases in population, while Argentina will probably not without major reform in a number of areas, not least learning to get on with its neighbours.
Like eye said,
Jul 05th, 2012 - 06:50 pm - Link - Report abuse 0She will grow, gentlemen, because she HAS to grow, full stop,
BK
BK the rise in population,,,, why do you think it must only be from argentina,,,,,
People will come to the islands, and they will receive help from loads of countries, in everything from advice to landing on the moon,
So please mr and mrs, Argies
[your not envious and jealous, surely not ?? ]
.
@18 You are a very sad individual. If the population decide in the future to be Argentine -as a consequence of whatever- then thats their choice and one that the UK would support. Thats the whole point.
Jul 05th, 2012 - 06:57 pm - Link - Report abuse 0The pressure from Argentina has seemingly helped the FI to focus on managing itself well. They have to be careful tho that they dont get seduced by the oil money and their success over the last 30 years.
How disgusting. These predators of nature and the land are the richest companies on the planet. They do NOT need tax breaks or “incentives” to drill. Have the kelpers gone from environmentalists to oil tycoons? Puke. Poor penguins, poor nature.
Jul 05th, 2012 - 06:59 pm - Link - Report abuse 0?????????
Jul 05th, 2012 - 07:10 pm - Link - Report abuse 023. lol Argentina's planning to use Hydraulic fracturing (fracking) to get to the oil in Patagonia (not that you can afford too) so you can't really say much about the enviroment!
Jul 05th, 2012 - 07:33 pm - Link - Report abuse 0@23
Jul 05th, 2012 - 09:14 pm - Link - Report abuse 0If you don't like oil, maybe you could run your car and heat your house with penguin blubber.
I'm looking forward to the oncoming production.
Jul 05th, 2012 - 09:26 pm - Link - Report abuse 0It means the end for CFK because it will crystallise the conflict which results in Argentina's second defeat, CFK's removal from office and the end of Argentina's claim on the Falklands forever.
@27
Jul 05th, 2012 - 09:29 pm - Link - Report abuse 0One can only hope Mr Nigel, one can only hope.
As a deterrent why don't the Falkland Islands import a few thousand Gurkhas for their workforce?
Jul 06th, 2012 - 01:17 am - Link - Report abuse 0Damn solid grafters, and double hard, and any sign of an Argentinian uprising will be swiftly met with a carving up which they have been yearning for the last 30 years...job done!
@29
Jul 06th, 2012 - 09:10 am - Link - Report abuse 0You've actually suggested something I've proposed before. It would make a great deal of sense to permanently station several regiments in the Falklands. Not only would they be superb training grounds, but they do resemble the original homelands of the Ghurkas in Nepal and the Scottish Highland regiments.
Obviously it is a fair distance from their original homes, but it would make sense as the Ghurkas have a fierce reputation of never giving in. Any Argentine invader would learn to respect them the moment they set foot on the Falklands and pay a heavy price for doing so.
The Ghurkas are a respected regiment in both Britain and Nepal. There is still a great deal of competition to join the regiments. Even the Indian army still has Ghurka regiments and they were forced to make parity with the pay that the British Army gave their Ghurkas.
It's true that the Ghurkas have no fear in battle. It was this fact that encouraged the British to make Nepal a protectorate and friend of the Empire, so that their soldiers could fight alongside ours.
I heard that the Ghurkas were deeply disappointed that the Argentines surrendered so quickly in 1982. They were all set to engage in fierce hand to hand fighting to recover Stanley, but the knowledge that the Ghurkas were approaching was enough to encourage General Menéndez to surrender. That and the fact that the Argentine officers were ordering their men to shoot the 'kelpers' if they resisted their homes being used as firing positions. The Argentine soldiers refused this order because I believe they realised that 1) they knew it would be a war crime and 2) it would have made the Ghurkas more determined not to accept any Argentine surrender. The Argentine soldiers had been terribly mistreated by their officers and these same officers were nothing short of disgusting in their attitude to the Islanders.
Basing the entire Brigade of Ghurkas in the Falklands would frustrate any Argentine plans to retake the Falklands by force.
perhaps the islanders could request this, from the british goverment .
Jul 06th, 2012 - 11:36 am - Link - Report abuse 018 Another Muppet
Jul 06th, 2012 - 12:41 pm - Link - Report abuse 0I don't think many Argentinians would have the necessary qualifications but don't let me put you off.
A better move for the Falkland Islanders would be to simply eliminate all tax on capital gains. Capital gains taxes are among the most economically destructive of all types of taxes.
Jul 06th, 2012 - 01:18 pm - Link - Report abuse 0The tax incentives are a help. There will be a veritable 'gold rush' when the oil starts coming out in quantity. The FIG will have to make a decision sometime soon whether to have an oil terminal on the Islands. It is possible, but would have a long lead time. They may have to make do with a production platform for the foreseeable future.
Jul 06th, 2012 - 02:41 pm - Link - Report abuse 0It would be far better to have a pipeline to the mainland, maybe to Chile, but certainly not to Argentina. The Chilean government would definitely benefit from exporting the oil through their ports. As it is a certainty that CFK will be booted out of office after instigating and losing the next conflict, the Chileans would be released from their obligation to support their neighbour. It all depends on which oil giant decides to get involved in production.
Wouldn't it be ironic if the 'oil giants' were Spanish or Chinese?!
If the Chinese think they can profit out of Falklands oil they will be in as investors-but obviously not if they can make more money out of Argentina. However if Argentina default on any debts to the Chinese, it will not be just a case of 'OK whatever.'
Jul 09th, 2012 - 06:53 pm - Link - Report abuse 0That's why I believe the Chinese would have second thoughts about investing heavily in Argentina. They may wish to trade with them, but trust them - No.
Jul 09th, 2012 - 09:25 pm - Link - Report abuse 0Argentina's record of payment is not exactly reliable. If they cannot even pay the United States on time, then it's doubtful that the Chinese will want to trust them.
It's very funny that if you read the facebook pages of the extremist Argentinians, the ones that want another war, they show a lot of pictures of Russian and Chinese nuclear weapons. Almost as if they hope that the Russians or Chinese would come to their defence if they started another conflict.
CFK may cosy up to the Chinese on trade visits, but the Chinese are far too clever than to be duped into supporting a war in which they would not gain anything. The only reason that Russia is supporting Syria at present (with arms supplies and vetoes) is because they are a client state who provides the Russians with a Mediterranean base. However, Assad did not take the hint I tweeted at him after Gaddafi was finally retired.
As with all dictators, they eventually meet a sticky end. Something which will not be lost on CFK!
@36 The extremist Argentinians also do not seem to be aware of just how much trade goes on between the UK and China, with alot of the money flowing China's way. China would not risk this for soy sauce.
Jul 09th, 2012 - 09:59 pm - Link - Report abuse 0Another fact the extreme RGs have not worked out is that the USA is presently neutral on the Falklands sovereignity issue, and I am stating the obvious that if Russia and China were involved on Argentina's side the USA would have no alternative to support the UK.
#36 Cristina is neither a dictator or one of the warmonf=gering extremist types you mentioned
Jul 09th, 2012 - 11:16 pm - Link - Report abuse 0@38
Jul 13th, 2012 - 10:56 am - Link - Report abuse 0When CFK's machine gun speed screechings have failed, she will in desperation, as Moyanos supporters pick her off before the next election, sanction a Super Etendard strike on targets in the Falklands.
The article is about an internal ruling by the FIG. What has Argentina got to do with it?
Jul 13th, 2012 - 07:09 pm - Link - Report abuse 0BTW, for those who read Spanish: new war of words between CFK and Spain, another accusation of CFK's trying to distract attention from Argentina's internal problems.
http://www.lanacion.com.ar/1490115-espana-condeno-el-insulto-de-la-presidenta-a-un-ministro-de-rajoy
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