Oil giants threatened to slash North Sea oil investment if ministers opted for levies which they thought unfair, according to the Sunday Times.
Speculation that chancellor Gordon Brown might hit oil companies was prompted by results from BP, which reported a £5.6bn profit for the first half of the year.
Meanwhile, head of economics at business services firm Tenon, Maurice Fitzpatrick has said the chancellor could impose a 20% surcharge on North Sea oil taxation to finance a 3p cut in excise duty on fuel.
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC