Simplify severance and royalty taxes
Some of the largest taxes borne by the upstream industry are crude oil and natural gas production taxes, also known as severance taxes. Maintaining severance taxes for resource extraction can be challenging for oil and gas operators working in multiple states as every state has its own specific requirements. In addition, operators producing on federal or state leases may need to pay royalties.
KPMG Severance Tax and Royalty Services professionals assist with maintaining compliance across multiple states and jurisdictions. We can help you understand the complexity of severance taxes and royalties in order to increase value with key incentives and deductions.