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U.K. tax uncertainty

09/14/1998
The U.K. government has responded to uncertainty over North Sea fiscal policy by declaring that taxes on oil and gas won't increase-at least not immediately. Last week's announcement gave producers little to cheer. They have had to plan investments around the threat of a tax hike since July 1997, when the Treasury began a review of the offshore oil and gas fiscal regime. The tax uncertainty has combined with slumping oil and gas prices to chill exploratory drilling and stall several development projects. "I have concluded that, at the current low level of oil prices, it would not be right at this stage to proceed with reform of the regime," said the announcement by Chancello...
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