TaxCorporate TaxPBR05: North Sea oil tax rise

PBR05: North Sea oil tax rise

Chancellor raises supplementary tax on North Sea oil profits from 10% to 20% 

Brown says rise justified by soaring oil price, which has climbed from $25
to $55, and an impressive return on capital of 40% for North Sea oil companies.

The rise will be counter-balanced by new tax incentive for exploration.

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