TaxCorporate TaxUnions want oil windfall tax after Shell’s record profits

Unions want oil windfall tax after Shell's record profits

Shell's mega-profits lead to call for windfall tax, but the oil company says that would adversely affect its investment in searching for new energy sources

Record profits by Shell should be hit by a windfall tax, unions have urged.

Royal Dutch Shell posted $27.6bn (£13.9bn) profits in 2007, which prompted
Tony Woodley, joint general secretary of union
Unite
to call for a windfall tax.

‘This government took the brave step of putting a windfall tax on the greedy
privatised utilities to fund the New Deal. With pensions injustices still to be
addressed, fortune should favour the brave again and the greedy oil companies
should be asked to contribute for the common good,’ Woodley said according to
the Press Association.

Shell said that its profits figure was almost equal to its investment in
securing new energy sources.

‘If you get additional taxation, in the end it means you can invest less. The
money has to come from somewhere and over time it will impact on our
production,’ said chief executive Jeroen van der Veer.

Further reading:

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PA’s story

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