Oil & Gas UK slams report on 'subsidies'

12/16/2013
An oil and gas trade group has rejected a UK House of Commons committee recommendation to cut fossil-energy tax allowances that the committee described as subsidies. The group, Oil & Gas UK, called that characterization "disingenuous and misleading." A report by the House of Commons Environmental Audit Committee (EAC) said, "Field allowances for North Sea oil and gas do not fully offset relatively high starting rates of corporation tax and petroleum revenue tax. The allowances nevertheless represent a subsidy for the use of state-owned fossil fuel deposits." The committee issued the report amid calls by the government to trim subsidies for nonfossil energy, which h...
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