The UK will scrap windfall tax on energy firms if prices keep falling | CNN Business

The country’s finance ministry announced Friday that it would repeal the 35% additional tax on firms’ profits if the average price of oil and gas fell to, or below, $71.40 per barrel for oil and £0.54 per therm for gas. That would bring down the overall tax rate for energy producers from 75% to 40% — its level before the extra levy was introduced last year in response to surging commodity prices.

Help with energy bills In May 2022, the government introduced a 25% windfall tax on the profits of oil and gas producers operating in the North Sea, upping the levy to 35% six months later. The tax helped subsidize the energy bills for millions of UK households and businesses after they soared following Russia’s full-scale invasion of Ukraine.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

First on CNN: Raj Shah out at Fox in wake of historic Dominion settlement | CNN BusinessRaj Shah, the Fox Corp. brand protection executive who pushed Fox News in an even more pro-Trump direction after the 2020 election, has left the company.
La source: CNN - 🏆 4. / 95 Lire la suite »

An iconic Taco Bell menu item is going vegan | CNN BusinessTaco Bell is testing a vegan Crunchwrap, marking the first time that Taco Bell has sold a fully vegan entree. Similar to a traditional Crunchwrap, the vegan version uses a “proprietary, boldly seasoned” plant-based protein created by the company.
La source: cnni - 🏆 326. / 59 Lire la suite »

FAA lifts ground stop at NYC airport but delays flights due to smoke | CNN BusinessThe Federal Aviation Administration lifted a ground stop for flights bound for New York’s LaGuardia airport due to smoke, but has delayed some flights on the ground.
La source: CNN - 🏆 4. / 95 Lire la suite »