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UK – Europe to tax higher oil and gas profits

by Lovell Massy
May 26, 2022
in Top News
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The executive, led by Boris Johnson, announced on Thursday a 25% tax on excess profits from oil and gas in the country, with the aim of raising at least ில்லியன் 5 billion (5. 5.9 billion) at the current exchange rate. .

With the possibility of reducing this rate, there will be companies investing in the country. This was a major concern for conservatives who had hitherto avoided making progress with such measures for fear of undermining the investment of oil and gas companies in the country.

Explained by Finance Minister Rishi Sunak, the fund will support the British in the 9% increase in inflation and the cost of living, the highest since 1982. The ratio, he said, was “temporary” and “specific”.

With this move, Sunak announced a £ 15bn (€ 17bn) aid package for families in distress.

Proceeds from the fund will be used to pay low-income families around 8 8 million (3 763) at a time. This amount will add up to 300 (2 352) for heating homes in the winter; And 6 150 (176 euros) for about 6 million transferees. In addition, the Conservative minister announced a 200 200 (8 248) value for all citizens who pay for electricity, which is non-refundable.

According to the finance minister, one-third of households will receive targeted support, bringing the total assistance to 9 billion (ில்லியன் 10 billion).

UK oil and gas companies BP and Shell posted higher quarterly profits this month as commodity prices rise due to Russia’s invasion of Ukraine. The British have been demanding that these companies be taxed since that period.

See also  England cancels first flight to Rwanda

Lovell Massy

“Total creator. Devoted tv fanatic. Communicator. Evil pop culture buff. Social media advocate.”

Lovell Massy

Lovell Massy

"Total creator. Devoted tv fanatic. Communicator. Evil pop culture buff. Social media advocate."

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