London-The UK government has slashed taxes on upstream oil and gas production and effectively abolished one class of tax, in a bid to safeguard the struggling North Sea industry. In a budget statement generally welcomed by the industry and investors, finance minister George Osborne said he was halving the 20% “supplementary charge” levied on top of upstream corporation tax and was cutting to zero Petroleum Revenue Tax (PRT). The latter applies to profits from fields approved for development before 1993 and was set at 35%.
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