Oil and gas tax system under attack

A UK public finance think-tank has criticised the North Sea tax system as “unduly complex” and lacking “clear design”.

The Institute for Fiscal Studies warned that any more changes to the UK Government’s policy should come with a “clear strategy” for the oil and gas industry.

A report published yesterday tells ministers that in the future the fiscal regime should be more “predictable”, to reduce the uncertainty which deters and “distorts” investment.

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