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UK Enacts Energy (Oil and Gas) Profits Levy

|Approved Changes|United Kingdom
United Kingdom

The UK has published the Energy (Oil and Gas) Profits Levy Act 2022 in the Official Gazette, which received Royal Assent (was enacted) on 14 July following agreement by both Houses of Parliament. As previously reported, the Act provides for the introduction of a new 25% surcharge on the extraordinary profits of the oil and gas sector for accounting periods beginning on or after 26 May 2022 and…

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