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.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements