TAX REFORM TO SHOW MIXED EFFECT ON U.K. NORTH SEA REVENUES

Petroleum revenue tax (PRT) changes announced in U.K. Chancellor Norman Lamont's annual budget will increase revenue from the North Sea in the short term but only by L115 million ($172.5 million) rather than the L700 million ($1.05 billion) estimated by the government. British Petroleum plc will be the main beneficiary of PRT reform with an increase in short term cash flow of a little more than L100 million ($150 million)/year. But the new system is unsound and liable to change again.

Apr 19th, 1993
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