The UK government has set a price floor on its windfall tax on oil and gas producers in a move expected to reduce the tax burden on the industry. The price floor will be $71.40 a barrel for oil and 0.54 pounds per therm for gas. If prices fall below these levels, the tax rate will fall back to 40% from 35%. The government says the price floor is necessary to prevent the tax from discouraging...
Windfall tax on oil and gas sets price floor in Britain
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