LONDON, Dec 7 (Reuters) – British finance minister Jeremy Hunt will attend a gathering on Friday with leaders of North Sea oil and fuel producers to debate the federal government’s windfall tax, three trade sources advised Reuters on Wednesday.
Hunt final month introduced plans to spice up the Vitality Income Levy (EPL) on oil and fuel corporations from 25% to 35%, bringing the entire taxes on the sector to 75%, one of many highest charges on the earth.
Friday’s assembly, which will probably be held in both Aberdeen or Edinburgh, will probably be attended by senior representatives from greater than a dozen North Sea producers in addition to trade our bodies, in keeping with a listing seen by Reuters.
Hunt can also be anticipated to attend the assembly, together with senior officers from the Division for Enterprise, Vitality and Industrial Technique (BEIS).
Britain’s finance ministry didn’t instantly reply to a request for remark by electronic mail.
Oil and fuel trade executives warned that the brand new tax risked a flight of capital from the ageing basin at a time when the federal government is attempting to extend Britain’s power safety.
Executives have urged the federal government to introduce a worth ground to the EPL to permit secure investments.
Reporting by Ron Bousso and Shadia Nasralla; Enhancing by Alex Richardson
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