[Marxism] Spill costs to cut BP tax bill by $10bn - from the ft

Steve Palmer spalmer999 at yahoo.com
Wed Jul 14 08:36:35 MDT 2010


So you thought BP was gonna pay for the clean-up?

Spill costs to cut BP tax bill by $10bn

By Ed Crooks, Energy Editor

Published: July 12 2010 23:02 | Last updated: July 13 2010 08:33

BP is forecast to pay about $10bn (£6.7bn) less tax over the next four years as it meets the costs of its huge oil spill in the Gulf of Mexico, hitting the revenues of Britain and the US that receive hundreds of millions of dollars from the company each year.

The shortfall, representing a drop of more than a quarter in BP’s tax payments, is a particular concern for the British government attempting to cut the country’s budget deficit.

Money spent plugging the well, cleaning up the oil, and compensating people who have lost out because of the spill, can be written off against tax, the company believes, reducing the net cost to BP.

Of its principal expected liabilities, only the fines that might be imposed by the US authorities would definitely not be tax-deductible.


      




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