Socialist Worker

Slick accounting gets BP a tax break

Issue No. 2210

BP, the British-based oil company responsible for the enormous oil disaster in the Gulf of Mexico is to pay much less tax because it can offset the costs of cleaning up the damage it has caused.

BP expects to pay about £6.7 billion less tax over the next four years than it had previously expected.

The money spent plugging the well, cleaning up the oil, and compensating people who have lost out because of the disaster can all be written off against tax.

As Socialist Worker went to press, BP said it had installed a 40-ton containment device that it hopes will capture more of the leaking oil.

It is unclear whether this latest in a line of attempts and claims to have stemmed the flow of oil will work.

In the meantime, oil is being burned on the surface of the Gulf of Mexico and the disaster continues spread environmental havoc across the region.


If you enjoy Socialist Worker, please consider giving to our annual appeal to make sure we can maintain and develop our online and print versions of Socialist Worker. Go here for details and to donate.

Article information

News
Tue 13 Jul 2010, 17:56 BST
Issue No. 2210
Share this article


Tags



Mobile users! Don't forget to add Socialist Worker to your home screen.