THE GOVERNMENT IS likely to exempt new North Sea oil and gas fields from its windfall tax on the industry, reports have suggested.
The Times reports that Treasury officials are in discussions with companies about how to ensure that new fields will still be developed.
The industry has warned that tax revenues will go down and the UK will be increasingly dependent on imported fuel. The French energy company Total said the Treasury was considering offering exemptions from the tax to gas producers because on the lower profits made on gas, The Times said.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.