However, there are concerns that increasing taxes on oil and gas corporations may discourage them from making investments in renewable energy in the UK.

Higher taxes, according to Offshore Energies UK, would “undermine” an industry that supported 200,000 people with jobs.

After earning a $30 billion profit for the first nine months of last year, Shell is still on course for record annual profits in 2022, despite having to pay higher taxes.

The business stated that it anticipates paying between $4.3 billion and $4.7 billion in global taxes over the last three months of 2022.

Rival BP announced that it would pay $800 million in windfall tax in 2022.

On February 2, it must release its complete 2022 fiscal year results.

Similar to the UK, the EU has imposed a windfall tax on energy corporations, levied at 33% on their profits as well as their revenues.

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