BP is paying more tax as it makes more profit

BP (BP.L.) is paying more tax because it is making more profits, Louise Kingham, the UK head of the company, told the Reuters Energy Transition Europe 2022 conference on Wednesday.

Kingham stated, “It is right that (the government), should think about how to protect the most vulnerable. Taxation is not something companies can determine.”

She said, “I believe that companies expect to pay higher taxes if they make more profit.”

Sources said that Jeremy Hunt, the British finance minister, is looking at increasing a windfall tax on oil companies and extending it for power generation firms in his efforts to fix the country’s finances.

Hunt will announce his budget plan for Thursday

Kingham stated, “The taxes that we will pay here, in the UK, will be approximately two and a quarter billion dollars altogether, without any additional level.”

“It has been widely suggested by others that there is an expectation of higher (tax) levels… We’ll be seeing what happens tomorrow.

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