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UK plans lower oil taxes in the North Sea

Great Britain could be headed towards a lower oil tax on fields in the North Sea. The move is aimed at encouraging long-term investments.

Less than two days before the presentation of a new state budget in the UK, rumors are flourishing regarding a lower taxation on oil extraction in the British part of the North Sea.

In addition to the British corporate tax of 30 percent, the oil sector pays another 30 percent in additional taxes. It is this additional tax the industry is pleading to have reduced to 20 percent because of the sliding oil price, and something indicates that the government is all ears, according to BBC.

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