The British government’s proposed new tax on the country’s oil and gas industry has come under heavy criticism from a leading trade association, as well as opposition politicians.The Norwegians (Statoil) may pull out if the UK tax goes through, taking 40,000 jobs with them. Statoil just found a huge field off Norway and has plenty of work to do without UK's North Sea.
“The industry is shocked to now be hit by a tax increase that raises the tax rate to at least 62%, with some of the most mature and therefore vulnerable fields now paying up to 81%,” said Malcolm Webb, chief executive of Oil & Gas UK.
Monday, March 28, 2011
Here Come the Windfall Profits Taxes on Oil Industry -- Is 81 Percent Enough?
It's starting in Great Britain.
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they have to increase oil and gas taxes so GE does not have to pay any . jj
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