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