Open AccessCurrent Developments in Oil and Gas Taxation
Author(s) -
Q.C. John G. McDonald
Publication year - 1972
Publication title -
alberta law review
Language(s) - English
Resource type - Journals
eISSN - 1925-8356
pISSN - 0002-4821
DOI - 10.29173/alr638
Subject(s) - energy law , fossil fuel , petroleum industry , economics , tax law , law , tax reform , natural resource economics , business , environmental law , public economics , political science , environmental science , engineering , waste management , environmental engineering
Canadian tax law reform which began with the Carter Royal Commis sion on Taxation has culminated in Bill C-259. This article summarizes the current law with respect to income taxation of oil and gas produc tion and then outlines and analyzes the changes in the taxation of the oil and gas industry contained in Bill C-259. The article discusses exploration and development expenses, depletion allowances, the pur chase and sale of oil and gas rights, oil and gas drilling funds, and concludes with the comment that the new law would not appear to unduly impede the growth and development of the Canadian oil and gas industry.