TGS hit by tax investigation

TGS hit by tax investigation

The Norwegian government has notified seismic data firm TGS of a claim for compensation of up to NOK326m for the government’s alleged tax losses arising from tax benefits received by Skeie Energy (later known as E&P Holding) under the Petroleum Tax Act in connection with a sale of seismic data in 2009 from TGS to Skeie Energy.

The government alleges that TGS has aided and abetted Skeie Energy in attaining undue tax advantages.

TGS denies any wrongdoing and maintains its position that it is not liable for the claims. TGS views the sale of seismic data to Skeie Energy as a legitimate transaction between two independent companies, involving a sale of high quality seismic data at market prices.

“TGS received no tax benefits from the sale of the seismic data,” the company said in a release.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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