Watching the World: Tax warning issued in UK

British Prime Minister Tony Blair last week was urged to reverse the proposed increase in North Sea taxation or risk seeing Britain’s offshore oil industry decimated as fields are sold off and exploration spending moves elsewhere.A delegation of business and community leaders from Northeast Scotland, led by the Conservative Member of Parliament (MP) for West Aberdeenshire and Kincardine Sir Robert Smith, told the prime minister that the doubling of supplementary corporation tax on North Sea profits to 20% has created an unstable climate, which threatens jobs and investment.The UK offshore industry supports 260,000 jobs and will contribute more than £10 billion in taxes to the ...

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