Scottish Independence Could Mean Higher Oil And Gas Tax

Law360, New York (November 22, 2013, 7:28 PM EST) -- Almost 80 percent of oil and gas executives with operations in the North Sea expect the level of taxation on the industry to increase if Scotland becomes an independent country, according to a joint report released Friday by Ernst & Young LLP and Aberdeen & Grampain Chamber of Commerce.

Industry concerns are primarily directed at Scotland’s plan to create a sovereign wealth fund that will earmark natural resource revenues for future generations, with insiders expressing tepid feelings toward the plan if it results in a tax...
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