BP Says It Is Paying More Tax as it Profit Increases

Wednesday, November 16, 2022

BP is paying more tax as it is making more profit, its UK head Louise Kingham told the Reuters Energy Transition Europe 2022 event on Wednesday.

"It's right that (the government) should think about how they protect the most vulnerable and taxation is not for companies to determine," Kingham said.

"I think when companies make more profits, they expect to pay more taxes, and that's exactly what we are doing," she added.

British finance minister Jeremy Hunt is considering increasing a windfall tax on oil and gas firms and extending it to power generation firms as he tries to find ways to repair the country's public finances, sources said on Saturday.

Hunt is due to announce his new budget plan on Thursday

"Taxes that we will pay here in the UK will be about two and a half billion dollars, all told, with the (existing) additional levy," Kingham added, referring to the 25% windfall tax, or Energy Profits Levy, approved by British lawmakers for oil and gas producers in the British North Sea in July.

"It's widely been mooted by others that there is an expectation that the (tax) levels will increase ... We'll see what comes tomorrow."

 (Reporting by Ron Bousso; Writing by Noah Browning; Editing by Kirsten Donovan)

Categories: Finance Energy Activity Europe Production Regulations UKCS

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