BusinessCompany NewsBP chasing $10bn tax credit

BP chasing $10bn tax credit

Oil giant trying to secure $10bn in the wake of its financially damaging oil spill in the United States

BP is chasing a tax credit claim of $9.7bn (£6.3bn).

The oil giant, which is looking to bolster its finances after the Gulf of
Mexico oil spill, announced the move in its Q2 results,
tax-news.com
reported
.

BP’s group income statement for the second quarter posts a pre-tax charge of
$32.2bn linked to the oil spill and a tax credit of $9.79bn.

Under US tax laws, BP can offset a proportion of its losses against US tax,
but the move may prompt a backlash from Stateside critics.

Further reading:

US
to hit oil companies with disaster tax

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