Source · Select Committees · Environmental Audit Committee
Recommendation 43
43
Paragraph: 246
The original 65% tax rate under the Energy Profits Levy was lower than the international...
Conclusion
The original 65% tax rate under the Energy Profits Levy was lower than the international average tax rate of oil and gas producers (of 71%), so we welcome the Chancellor of the Exchequer’s proposal to increase this rate to 75%, while noting that it remains below Norway’s tax rate of 78%.
Paragraph Reference:
246
Government Response
A response document is linked to this report, dated 23 March 2023. Response attribution to this conclusion has not been verified. Read the response document ↗