Tax hikes seen likely for UK North Sea oil firms

11/14/2005
The North Sea oil industry should brace for tax hikes from the UK Treasury, given rising oil prices worldwide, said an Ernst & Young LLP tax analyst in Aberdeen.“Oil companies are one of the most obvious targets for tax increases and fiscal change,” said the analyst, Derek Leith. “It is almost inevitable that the government will want to get its ‘fair share of economic rent’ from oil companies as world oil prices continue to rise.”Leith noted the current North Sea fiscal regime appears “muddled” because tax rates vary greatly with the ages of oil fields.“Corporation tax hikes, in recent years, have resulted in a very pronounced susp...
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