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The UK fiscal regime

04/04/2011
A tax increase on UK oil and gas producers might be said to fit a pattern if the existence of a pattern didn't imply predictability. If the latest tax hike was, in theory, predictable, it surely wasn't predicted.In what the accounting firm Ernst & Young called "a shock announcement," the UK government raised an element of oil and gas taxation called the supplementary charge to 32% from 20% as of Mar. 24. The firm says the move, part of the annual budget, "demonstrates to industry in an unambiguous fashion that there is no real concept of fiscal stability in the UK."For a mature producing arena, this is harsh condemnation. Instability raises financial risk, which mu...
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