UK’s Sunak Reportedly Planning to Extend, Increase Excess Profit Tax for Energy Companies
Facilities of the Chergui gas field concession of the UK based oil company Petrofac on the island of Kerkennah. (File) 
MOSCOW (Sputnik) – UK Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt plan to extend the windfall taxes on oil and gas companies until 2028 and increase its rate from 25% to 30% to raise 40 billion pounds ($44.7 billion) for the budget, UK media reported on Thursday.Sunak is also considering extending the tax to the electricity sector due to the huge profits of companies against the backdrop of rising oil and gas prices, the newspaper reported, adding that these measures could add 40 billion pounds to the budget, 50% more than existing taxes are expected to bring until 2026.Sunak first introduced a windfall tax on oil and gas companies in May, when he was Chancellor of the Exchequer in the government of then-Prime Minister Boris Johnson.Sunak’s predecessor in 10 Downing, Liz Truss, opposed the tax on excess profits of companies, claiming that this would be a threat to investments.On Tuesday, UK media reported that Sunak intended to raise taxes to cover a 50 billion pound deficit in public finances. Hunt will present the government’s medium-term financial plan on November 17.
