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MADRID, 27 May. (EUROPA PRESS) -
The British oil company BP has acknowledged that the Government's announcement of a special tax on the profits of oil and gas companies, accompanied by tax incentives to undertake investments, will lead the company to examine the impact of these measures on its investment plans in the North Sea.
"Naturally, now we will have to analyze the impact of both the new tax and the tax relief on our investment plans in the North Sea," said the oil company, adding that the British government's announcement "is not for a single tax, It's a multi-year proposition."
The Government of the United Kingdom announced this Thursday a package of measures of 15,000 million pounds (17,600 million euros) to help British families cope with the increase in the cost of living and that will be partially financed with the introduction of a tax temporary 25% to the profits of oil and gas companies.
Thus, a new temporary tax on energy profits of 25% will be introduced for oil and gas companies, reflecting windfall profits in the sector, fueled in part by Russia's war against Ukraine.
According to government calculations, the new tax will raise around 5,000 million pounds (5,867 million euros) in its first 12 months, which will be used to ease the burden on families.
"It will be temporary and, if oil and gas prices return to historically more normal levels, it will be phased out," the Finance Ministry stressed.
At the same time, in order to increase incentives to invest, the new tax will include a generous new 80% investment allowance.
This new levy will not apply to the electricity generation sector, where windfall profits are also made due to the impact of rising gas prices on the price paid for electricity in the UK market.
In this regard, the Government is consulting with the power generation sector and investors to advance energy market reforms and ensure that the price paid for electricity better reflects production costs.
