Commenting on the announcement in in today’s Budget, research & policy director at Aberdeen & Grampian Chamber of Commerce James Bream said:
“We asked the Chancellor for a minimum of 10% percentage point cut in the headline corporate tax rate for the oil and gas sector, as well as the zero-rating of Petroleum Revenue Tax.
“Today’s Budget announcement show that the Chancellor has listened to our members and made changes to the fiscal conditions to build confidence in a world class industry.
“We still have to examine the detail but it seems that our hard work has been successful in persuading the Government to deliver reforms that reflect the basin’s mature status.
“The first step is where all journeys begin, and the Government has made that step as part of what is hopefully a long-term strategy to ensuring that we have the most competitive tax environment in the world.”