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Monday, March 28, 2011

Here Come the Windfall Profits Taxes on Oil Industry -- Is 81 Percent Enough?

It's starting in Great Britain.
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 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.
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.
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2 comments:

  1. AnonymousMarch 28, 2011 at 6:09 PM

    they have to increase oil and gas taxes so GE does not have to pay any . jj

    ReplyDelete
  2. Bruce OksolMarch 28, 2011 at 6:12 PM

    At least two of us are on the same sheet of music. Thank you for your support.

    ReplyDelete

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