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KembaraXtra – Legal Terms – Petroleum Revenue Tax
Petroleum revenue tax is a tax imposed on profits from oil and gas extraction activities.
The tax applies to production from the United Kingdom and the continental shelf.
It is governed principally by the Petroleum Revenue Tax Act 1980.
The tax was designed to ensure that the state receives revenue from exploitation of natural resources.
Special rules apply to calculating taxable profits and allowable expenses.
Petroleum revenue tax is a tax imposed on profits from oil and gas extraction activities.
The tax applies to production from the United Kingdom and the continental shelf.
It is governed principally by the Petroleum Revenue Tax Act 1980.
The tax was designed to ensure that the state receives revenue from exploitation of natural resources.
Special rules apply to calculating taxable profits and allowable expenses.
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