The UK Oil Industry Tax Committee is a non-profit making members' organisation formed and maintained on a voluntary basis by tax professionals working in the UK oil and gas industry and the accounting and legal professions.
Formed in the mid 1970s, it now has approximately 50 members. The organisation exists to share knowledge of the complex array of taxes applicable to the UK's oil and gas industry,to provide feedback to HM Revenue & Customs (Energy Group) on the application and impact of those taxes and to advise other industry groups on technical taxation issues. UKOITC works closely in this context with O&GUK, OTAC and Brindex.
UKOITC has no written constitution but its structure is as follows: a Chairperson, Secretary and Treasurer are appointed by election. Meetings are held to debate and decide priorities. A Steering Group of approximately 12 members meets on a monthly basis, and on approximately three occasions each year these meetings are extended to include the full membership (Main Panel meetings). Technical working parties are set up on an ad hoc basis to deal with specific issues.