TaxCorporate TaxMore pressure on Brown over oil taxes

More pressure on Brown over oil taxes

The government is coming under mounting pressure for a Commons debate on the effect on jobs of raising Corporation Tax on North Sea oil and gas to 40%

Link: Brown under attack for oil tax plans

Orkney and Shetland Liberal Democrat MP Alistair Carmichael called on government business manager Robin Cook to timetable a slot – and has threatened to seek one himself if ministers refuse.

Last month, the Scottish Council for Development and Industry called the tax regime unstable and out of touch with economic reality and said it would damage investor confidence.

The UK Offshore Operators Association, which represents the major oil companies, said 50,000 jobs were under threat as a result of the proposal.

The government has defended the tax saying it struck the right balance between promoting investment and taking an adequate share of profits.

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