A Scottish government report published last week urged the UK government to make changes to oil and gas taxation in the 2015 Budget, which has been scheduled for 18 March.
A Scottish government report published last week urged the UK government to make changes to oil and gas taxation in the 2015 Budget, which has been scheduled for 18 March. Scottish Energy Minister Fergus Ewing released Oil and gas discussion paper: challenges, opportunities, and future policy, calling for urgent reform of the taxation regime for North Sea oil and gas and also setting out the Scottish government’s work to support the sector.
The three key proposals set out in the report are:
an investment allowance to provide support for fields that incur higher costs to develop;
a phased and timetabled reversal of the increase in the corporation tax supplementary charge implemented by the UK government in 2011; and
the introduction of an exploration tax credit to help increase levels of exploration and sustain future production.
A Scottish government report published last week urged the UK government to make changes to oil and gas taxation in the 2015 Budget, which has been scheduled for 18 March.
A Scottish government report published last week urged the UK government to make changes to oil and gas taxation in the 2015 Budget, which has been scheduled for 18 March. Scottish Energy Minister Fergus Ewing released Oil and gas discussion paper: challenges, opportunities, and future policy, calling for urgent reform of the taxation regime for North Sea oil and gas and also setting out the Scottish government’s work to support the sector.
The three key proposals set out in the report are:
an investment allowance to provide support for fields that incur higher costs to develop;
a phased and timetabled reversal of the increase in the corporation tax supplementary charge implemented by the UK government in 2011; and
the introduction of an exploration tax credit to help increase levels of exploration and sustain future production.
