Derek Leith Head of Oil Taxation Ernst & Young describes the changes to the taxation regime for oil and gas companies in the Pre-Budget Report
In his Pre-Budget Report (PBR) on 5 December 2005 the Chancellor announced changes to the taxation regime for oil and gas companies operating in the North Sea. Although not altogether unexpected the changes are certainly unwelcome and given the relative maturity of the province may have serious long-term consequences. However it is not the purpose of this article to debate the short-termism evident in the Chancellor's approach but to explain the changes.
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Derek Leith Head of Oil Taxation Ernst & Young describes the changes to the taxation regime for oil and gas companies in the Pre-Budget Report
In his Pre-Budget Report (PBR) on 5 December 2005 the Chancellor announced changes to the taxation regime for oil and gas companies operating in the North Sea. Although not altogether unexpected the changes are certainly unwelcome and given the relative maturity of the province may have serious long-term consequences. However it is not the purpose of this article to debate the short-termism evident in the Chancellor's approach but to explain the changes.
...
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