Government softens windfall taxes on profits of energy producers
The government is scaling back the windfall tax on bumper oil and gas profits in response to fossil fuel companies warning they are cutting back on investment.
The windfall tax - 75% of North Seal oil and gas production profits - will continue to March 2028 but the government has announced that if prices fall to historically normal levels for"a sustained period" the tax rate for oil and gas companies will return to 40%.
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