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Deloitte’s Pendred to tackle oil tax reforms

Oliver PendredDeloitte has strengthened its north east team to handle a number of challenges in the oil and gas industry, including tax reforms announced in the Budget.

Oliver Pendred, with 12 years experience in the energy sector, moves to its Aberdeen office from the Big Four firm’s London-based energy and resources tax group.

He will work with oil and gas firms to look at issues such as globalisation, volatile commodity prices, the OECD/G20 base erosion and profit sharing project as well as tax changes announced by Chancellor George Osborne earlier this month.

Throughout his career he has worked with UK companies and multinationals on a variety of issues ranging from tax structuring, to M&A, tax compliance, and tax audits.

 He said: “These are unprecedented times for the oil and gas industry, particularly in the North Sea as the region’s companies contend with a raft of changes alongside volatile oil prices.

“That being said, reform of the UKCS fiscal regime could present important opportunities for firms operating on the basin, especially in the context of current conditions.

“On top of that, there are big changes on the way in international tax reform and BEPS is the most significant development for many years. This will undoubtedly have significant implications for any firms with operations abroad or which are looking to expand overseas.

“It’s a challenging time for the North Sea, and companies engaged in the oil and gas sector, but there are opportunities too. I’m very keen to help clients through this current period of transition and make sense of a rapidly changing environment.”

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