A North Sea tax windfall should be used to support families, businesses and the energy transition, the UK Government has been urged as new figures reveal a 662% increase in North Sea tax receipts.
Research by Aberdeen & Grampian Chamber of Commerce this week found that offshore operators and licensees have paid an average of £22.1 million in tax per day since the start of 2022, with even more expected to be raised with the introduction of the Energy Profits Levy (EPL), which will increase the effective rate of tax paid by offshore energy firms to 65%.
