BusinessCompany NewsOil giants should donate to ward off tax

Oil giants should donate to ward off tax

Oil companies can avoid windfall tax by donating to good causes, say MPs

Energy giants such as BP and Shell should donate some of their record profits to good causes to head off a possible windfall tax, MPs said.

A select committee of MPs said yesterday that the companies, which have made record profits on the back of high oil prices, should do something voluntarily to help people affected by high fuel prices, the Daily Telegraph reported.

Martin O’Neill, Labour chairman of the Trade and Industry select committee, said: ‘They have made profits which they have not earned in the sense that they have not done anything differently from what they normally do. We think they should make some contribution to repair the damage high prices have done to the poor.’

Referring to the possibility of a windfall tax, he added: ‘They might wish to jump before they are pushed.’

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