The original 65% tax rate under the Energy Profits Levy was lower than the international average tax rate of oil and gas producers (of 71%), so we welcome the Chancellor of the Exchequer’s proposal to increase this rate to 75%, while noting that it remains below Norway’s tax rate of 78%.

The original 65% tax rate under the Energy Profits Levy was lower than the international average tax rate of oil and gas producers (of 71%), so we welcome the Chancellor of the Exchequer’s proposal to increase this rate to 75%, while noting that it remains below Norway’s tax rate of 78%. Type: conclusion | Number: 43 | Paragraph: 246 | Response status: not_addressed Government response: The Government introduced the Energy Profits Levy (EPL) in May 2022, to address the exceptional profits being made by oil and gas companies as a result of high global energy prices. In the Autumn Statement 2022, the Chancellor announced an increase to the rate of the EPL from 25% to 35%, and extende