The thing isn't on the books yet and the oil companies are already trying to work around it. This is not a good development if the Dems want to put a cap and trade system in place for domestic oil companies because as I suspected they will all jump ship. Also all the talk of "windfall profits taxes" last year is now coming back to haunt them. These oil companies aren't stupid.
Over the past six months companies including offshore drilling contractors Noble Corp and Transocean, energy-focused engineering group Foster Wheeler and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland.
"Switzerland has a stable and developed tax regime and a network of tax treaties with most countries where we operate," Transocean Chief Executive Bob Long said in a statement in October, when it announced its move. "As a result, the redomestication will improve our ability to maintain a competitive worldwide effective corporate tax rate."
No comments:
Post a Comment