UKOOA Statement on Budget Changes to the Oil Taxation Pricing Rules
Wednesday 22 March 2006
UKOOA Statement on Budget Changes to the Oil Taxation Pricing Rules
The UK oil and gas industry, including the UK Offshore Operators Association (UKOOA), has been in discussion with Government officials since July 2005 about a range of measures regarding the detailed rules and procedures for the valuation of crude oil for taxation purposes.
The measures announced today in the Budget were first proposed publicly in the Pre-Budget Report in December 2005.
Whilst there is concern that the new procedures are prescriptive and over regulatory, and will add further costs to commercial operations in the North Sea, UKOOA notes that the Government has listened to specific concerns raised by the industry during the consultation process about unforeseen economic, technical or practical consequences and that it has amended its original proposal.
Notes to Editors
The UK Offshore Operators Association (UKOOA) is the representative organisation for companies licensed by the British Government to explore for and produce hydrocarbons in UK waters. It has 37 members.
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