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UK Windfall Tax: UK Oil, Gas & Energy Firms to Pay 25% Tax for Next 12 Months, BP & Shell Had Paid Minimal Tax in UK
3rd June 2022 | Hong Kong
The United Kingdom (UK) government has announced the implementation of a new 25% windfall tax (Energy Profits Levy) over the next 12 months on UK oil, gas & energy firms. Oil giants such as BP and Shell had generated huge profits with the recent energy price increase, and had also paid minimal tax over the last few years (through capital expenditures, which generated losses). In 1997, a similar windfall tax was imposed on privatisation of nationalised industries (BT, Scottish Power, United Utilities), raising over GBP 5.2 billion over 2 years. The new windfall tax on energy firm is expected to generate GBP 5 billion in tax.
“ UK Windfall Tax: UK Oil, Gas & Energy Firms to Pay 25% Tax for Next 12 Months “
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