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Department of the Treasury

Treat foreign taxes on oil as royalties

Oil companies historically worked with Middle East countries to pursuade potentates to change royalties on oil extracted by US companies into taxes. The result was of no consequence to foreign treasuries - they still got the same money - but the impact to the US Treasury was an enormous loss. The cost was not defined any longer as a cost of doing business, an overhead, but by being treated as a "tax" the amounts could... more »

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