London-Lobby group Oil and Gas UK has called for tax breaks and other support for the upstream industry ahead of a spring budget statement from the government. The group called Tuesday for corporation tax on profits from upstream production to be slashed from 50% to 30%-still 10 points higher than the regular rate of UK corporation tax-and the abolition of a ‘Petroleum Revenue Tax,’ currently set at 35%, that applies to fields approved for development before 1993. Those fields currently end up with an overall tax rate of 67.5%.
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