UK Windfall Tax Hike Could Cost the Government $16 Billion

The planned additional hike in the UK’s windfall tax on North Sea oil and gas operators could lead to $16 billion (£12 billion) lower tax receipts for the country compared to the current tax regime, offshore industry group OEUK warned in a new report on Monday. The Labour Party, which came to power after a landslide victory in the July general election, has pledged to further raise the already high windfall tax on oil and gas profits in the North Sea and scrap tax relief for operators for part of the investments in oil and gas assets…