Dáil Éireann Debate, Tuesday - 11 December 2012
283. Deputy Eoghan Murphy asked the Minister for Communications, Energy and Natural Resources in view of possible gas and oil finds off the Irish coast, his plans for Ireland to sign the Extractive Industries Transparency Initiative, a global standard ensuring transparency of payments from natural resources. [55399/12]
Amharc ar fhreagraI assume the Extractive Industries Transparency Initiative, a global standard ensuring transparency of payments from natural resources' is a reference to Chapter 9 of the proposed Accounting Directive (Com (2011) 684) and which Chapter is intended for inclusion in the proposed Transparency Directive (COM (2011) 683). I understand that both Directives are currently under negotiation in the EU.
Whatever provisions in these matters, if any, are adopted in the context of these proposed Directives, will require to be transposed into the legislation of all Member States. On a more general note, payments that could be made to the State resulting from the on-going exploration for our natural resources of oil or gas fall into two main categories. The first category relates to application and administration fees, along with rental fees in respect of licensed acreage. The second category relates to tax paid on profits, from production of oil or gas. The level of fees, or tax, to be paid is set down in the relevant legislation and licensing terms, the details of which are in the public domain.
