UK approves windfall tax on oil and gas industry ...News

The levy targets extra profits made from surging energy prices British lawmakers approved a 25% windfall tax on the oil and gas industry, hoping to raise an extra £5 billion ($6 billion) in one year to ease the cost of living crisis for the nation’s households, Reuters reported earlier this week. The Energy Profits Levy imposed on oil and gas producers in the British North Sea targets extra profits made from surging commodity prices amid rising demand. Over the past year the cost of gas has spiked by over 70% and crude oil prices by over 30%. The tax was initially announced by the government in May and has now bee

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