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After reports came out that oil giant Shell had been paid 100 million in the UK, labor has been criticized for its outrageous tax system.

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Labor has accused the government of favoring oil and gas giants with its uniquely generous tax and subsidy system after Shell was found to have received more than $100 million from British taxpayers in 2021.

These payments were revealed in a Shell report, which showed the company paid a total of $17 billion in taxes and royalties to governments around the world last year. There are only a handful of countries where state subsidies exceed rates, with the UK paying by far the most, followed by India with 15 million and Germany with 3 million.

Labor says Shell and BP have received $700 million in government subsidies for oil and gas production since 2016 because of poorly designed tax cuts.

Shadow Climate Change Minister Kerry McCarthy said payments are being made at a time when Conservative leadership leader Liz Truss claims there are no handouts for families struggling with rising energy prices. She urged energy companies to pay their fair share.

Since 2016, oil and gas giants have been paid huge sums from public money under the unique and generous tax system the Conservatives have put in place for them, McCarthy said. Even as oil and gas revenues soar to record levels and people struggle to pay their energy bills, the Conservatives have given them another tax cut. It’s time for them to pay their fair share.

According to a Shells report, the company paid 3.7 billion won to Norway, 3.7 billion won to Nigeria and $860 million to the US in 2021.

McCarthy said the size of the subsidies the UK provided to oil giants underscored the absurdity of the government’s refusal to retroactively take effect in May’s temporary 5 billion windfall tax.

BP’s CEO Bernard Looney recently described the current high price as an ATM for producers.

A Treasury spokesperson said: Our tax regime ensures that the oil and gas industry pays billions of dollars in taxes each year, which in turn is used to pay for our critical public services. And we expect the newly introduced energy benefit levy to raise an additional $5 billion in its first year, paying the cost of 37 billion packages to help families facing rising costs.

However, as Putin’s invasion of Ukraine raises energy prices worldwide, it is right to encourage investment in the North Sea, which is critical to Britain’s domestic energy supply and security for the foreseeable future.

As in other countries, our system provides relief even when there are real costs to the industry, such as the safe removal of infrastructure from the natural environment.

A Shell spokeswoman said the tax payments set out in the Voluntary Payments to Government report released this spring are related to a tax relief framework set up by the Conservative and Labor governments to provide the oil and gas industry. Long-term investment clarity.

We have a responsibility to safely and efficiently dispose of our costly legacy assets. Under the tax system dating back to 1975, companies that hold licenses and dispose of assets in the UK or on the British Continental Shelf can claim a tax deduction on their corporate tax return equal to the amount they spent on disposing of those assets.

The North Sea is a cornerstone of the UK oil and gas industry and a major contributor to public funding. Since 2002, Shell has paid over £7 billion in taxes to the UK Treasury from its UK oil and gas business and expects to pay hundreds of millions of pounds in taxes in the UK by 2022.

And we keep our promise to the UK. As announced earlier this year, we plan to invest $20-25 billion in the UK’s energy system over the next 10 years, of which more than 75% will be used in low- and zero-carbon products and services.

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1/ https://Google.com/

2/ https://www.independent.co.uk/news/uk/politics/oil-gas-shell-energy-tax-b2142264.html

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