UK Hits Oil & Gas Companies With 25% Windfall Tax ...Middle East

OILPRICE - Economy
UK Hits Oil & Gas Companies With 25% Windfall Tax
source : OILPRICE ( Middle East ) () 8
Following months of rumors and indecision, the UK government announced on Thursday a 25% Energy Profits Levy, commonly referred to as a “windfall tax”, as part of a package to ease the cost-of-living crisis stemming from huge rises in household energy bills. The UK Chancellor of the Exchequer, Rishi Sunak, announced on Thursday a new temporary 25% Energy Profits Levy for oil and gas companies, reflecting their extraordinary profits as oil and gas prices surged. The move has long been opposed by the industry, which argues that a windfall…

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