Exxon sues US over taxes related to gas project in Qatar
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[HOUSTON] Exxon Mobil Corp filed a suit against the US seeking a partial refund of US$2.1 billion in taxes and penalties tied to a Middle East gas project in Qatar, according to a filing on Friday (Mar 4) in US district court in Dallas.
Exxon and QatarEnergy have a partnership to explore and develop offshore natural gas reserves in the North Field, one of the world's largest. Its lawsuit alleges overpayment of income taxes and misclassified agreements as purchases and not leases.
The US "has erroneously collected taxes and assessed penalties that were not owed for tax years 2010 and 2011", Exxon alleged in the filing.
While an abatement is pending, the US Internal Revenue Service has not respected the partnership's decision to finance its business venture with debt, Exxon said. REUTERS
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