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Oil and gas producers face higher tax on profits

from The Wall Street Journal

The U.K. government promised to help people facing rising motoring costs by abolishing a plan of regular increases to fuel taxes and instead imposing a hefty tax increase on the profits of oil and gas producers. Consumer groups welcomed the move at a time when average real incomes in the U.K. are declining, but oil industry experts warned that the tax increase will discourage companies from operating in the U.K. North Sea, where production and investment are already in long-term decline. more

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