Press

UK Oil and Gas Tax Revenues Have Increased, Says HMRC


Figures from HM Revenue and Customs (HMRC) suggest oil and gas tax revenues are “in the black” for the first time since the industry downturn.

Tax receipts have been steadily increasing and a total figure of £1.1bn was recorded for 2017-18. Figures from 2016-17 indicated a loss of over £316m.

Petroleum specific revenue tax is still in the red area, due to significant numbers of tax credits but corporation tax receipts alone have rapidly increased to a final total of £1.6bn.

According to Oil and Gas UK, the leading trade association for the UK offshore oil and gas industry, the growth of tax revenue is widely due to cost effectiveness and the steady increase of oil prices.

Mike Tholen, from Oil and Gas UK, says: "The oil price improvements in recent months will have helped but much of the tax improvements you have seen in 2017-18 were at much lower oil prices. So, the improvements were coming despite the oil price changes and indeed the oil price will help.

"Funnily enough I think the industry likes to see us paying taxes because it shows that we are making profits, that we are an attractive place to invest and that signals that the industry is alive and well, despite the troubles of recent times."

 

Looking for a new role in the oil and gas industry? Search our latest Oil and Gas Jobs today or visit the Jobs page to explore other energy sectors.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://energyjobline.com/article/uk-oil-and-gas-r...

More items from gkimberley


Investments in Norwegian Renewables is at an All Time High - and the Former Oil & Gas Hub is Embracing the Wind of Change

Last week the public statistics authority in Norway (Statistics Norway) published its projections for investments in numerous areas (O&G, power, industry and mining). Results show that once again, investments in wind power are increasing rapidly, with the power delivery investments up by 22% so far ...

Grace Kimberley


Posted 1 year agoOpinion

A Client Perspective of Compliance in the Energy Market

Jamie Waters, Senior Director at  Progressive GE , the global talent development leader, covers the challenges clients face when dealing with compliance. Waters, with over 10 years energy recruitment experience, describes how Progressive GE manages customer's expectations within the field of compl ...

Grace Kimberley


Posted 1 year agoPress

Growing Energy Demand Won’t Be Met By Renewables Alone, Says BOSS Energy Director

Michael Johnson, director at the industry-leading recruitment agency, BOSS Energy, provides his thoughts on the current oil and gas market and the future challenges facing the industry. Johnson, a founding member of BOSS Energy, with 7 years energy recruitment experience highlights the focus of th ...

Grace Kimberley


Posted 1 year agoOpinion

Fircroft: BP Starts-Up Shah Deniz 2 Project in Azerbaijan

BP has this week announced the start-up of the landmark  Shah Deniz 2 project in Azerbaijan  along with its first commercial gas delivery to Turkey. Shah Deniz 2 is BP's largest new upstream project in 2018 and is the second of six project start-ups expected for the year from the British multinatio ...

Grace Kimberley


Posted 1 year agoPress

Robotic and drone technology could transform the offshore oil market

The rise and development of new technology have encouraged the oil and gas industry to integrate new devices and systems into the market in an attempt to enhance efficiency, production levels and reduce overall costs. Oil businesses are now exploring the potential of utilising robotic technolog ...

Grace Kimberley


Posted 1 year agoOpinion > Oil and GasDrilling Technology
All posts from gkimberley