Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 07/07/2022 20:31 
26.05.2022 17:26 News >> UK Introduces Tax On Oil And Gas Companies

UK Introduces Tax On Oil And Gas Companies

Tax, also referred to as windfall tax, is to retrieve some profits of oil and gas producers made as a result of high energy prices.

The UK government introduced a temporary tax on oil and gas companies that have made high profits due to increasing energy prices caused by the war between Russia and Ukraine.
The tax on energy companies is part of a larger package of new measures to support families with the cost of living amid the highest inflation in 40 years, the UK's Finance Minister Rishi Sunak said in Parliament on Thursday.
The money collected through the levy will help to share the cost of living for citizens in the UK.
"We are introducing a temporary, targeted Energy Profits Levy charged on profits of oil and gas companies at a rate of 25%," Sunak said.
The oil and gas sector is making "extraordinary profits," due to "surging global commodity prices driven in part by Russia's war," he added.
The levy, also referred to as a windfall tax, will recover some of the gains oil and gas producers made as a result of high energy prices.
Sunak said that the levy will be phased out once energy prices return to normal levels and it is not expected to deter company projects
"Our targeted, temporary energy levy ensures companies can continue to invest, whilst we support those who need it," he explained. -



        Latest News
Turkish, Israeli Presidents Discuss Bilateral, Regional Issues 7 minutes ago...
Isaac Herzog calls Recep Tayyip Erdogan to extend greetings on upcoming Muslim festival of Eid al Adha.
Elena Rybakina, Ons Jabeur To Meet In Wimbledon Women's Final 7 minutes ago...
Rybakina beats Simona Halep in straight sets on Center Court.
Ukraine Fears Fresh Russian Attack On Zaporizhzhia 7 minutes ago...
Russia has reinforced 5 battalion tactical groups in southeastern city's direction, says Ukrainian deputy defense minister.
Suspect In Türkiye's 2013 Bombing Remanded Into Custody After Being Extradited From US -23 minutes ago...
Mehmet Gezer allegedly played key role in Reyhanli bombing that killed 53 people.
Africa Celebrates 1St World Kiswahili Language Day -8 minutes ago...
Swahili spoken by more than 200 million people in Africa, Middle East.

 
      Top News
Over 6,000 Monkeypox Cases, 3 Deaths Confirmed Globally: WHO Over 6,000 Monkeypox Cases, 3 Deaths Confirmed Globally: WHO
Waiting For Turkish President To Visit Islamabad, Says Pakistani Premier Waiting For Turkish President To Visit Islamabad, Says Pakistani Premier
War-Driven Inflation Has Pushed 71M People In Poverty, Says UN War-Driven Inflation Has Pushed 71M People In Poverty, Says UN
Türkiye Submits Report On Visa Refusals To Parliamentary Assembly Of Council Of Europe Türkiye Submits Report On Visa Refusals To Parliamentary Assembly Of Council Of Europe
Fed Supports More Restrictive Stance If High Inflation Persists, Minutes Show Fed Supports More Restrictive Stance If High Inflation Persists, Minutes Show
COP26 President Commends Turkish 1St Lady's 'Green Efforts' COP26 President Commends Turkish 1St Lady's 'Green Efforts'
Ex-Tunisia Parliament Speaker Summoned Over 'Money Laundering' Charges Ex-Tunisia Parliament Speaker Summoned Over 'Money Laundering' Charges
Turkish Agriculture Minister Urges Joint Action To Tackle Food Insecurity Turkish Agriculture Minister Urges Joint Action To Tackle Food Insecurity
European Gas Prices Drop As Norway Stops Strike European Gas Prices Drop As Norway Stops Strike
G20 Foreign Ministers Meeting To Kick Off On Thursday G20 Foreign Ministers Meeting To Kick Off On Thursday