The UK’s finance directors have thrown their support behind chancellor Gordon
Brown’s taxation of oil companies.
In this week’s Accountancy Age/Reed Finance Big Question, 62% of the
186 respondents said the tax burden placed on oil companies was not too heavy.
John Buckley, FD of Sauter information, suggested that additional taxes
should be placed on oil groups to encourage the development of renewable fuels.
‘I think the oil companies need to be encouraged to develop cleaner fuels
than are currently available. An environmental tax on oil companies could be
designed to reward the cleaner fuel providers and penalise the others,’ said
Nigel Taylor from Concentric Pumps said it was unfair for companies that
invested in oil exploration to be punished for their success.
‘Since all exploration costs and exploitation costs are at the risk of the
oil companies not government, why should the latter feel at liberty to take such
a large share of the rewards without underwriting the risk,’ said Taylor.
Only 2% of those polled were neutral on the issue with 36% arguing that the
taxes on oil groups were too harsh.
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