BP sees huge profit due to high oil and gas prices
that it had paid no windfall tax in the UK because it had invested millions of pounds here. But it said it expected to start paying the levy next year.
"Companies like BP are making huge profits and channelling these straight back to already-wealthy shareholders through share buyback schemes," said George Dibb, head of the Centre for Economic Justice at the IPPR, the left-leaning think tank. On Monday, US President Joe Biden urged major US oil firms who are bringing in big profits to stop "war profiteering", threatening to hit them with higher taxes if they do not increase production which would help lower prices.
The government is limiting the impact by temporarily capping the cost of gas and electricity, but instead of lasting for two years as originally planned, this scheme will now end in April. Companies have been able to reduce the amount of tax they pay by factoring in losses or increasing investment.
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