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BP to pay lower taxes than before Covid pandemic despite massive profits

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City AM

By Nicholas Earl BP will pay a lower rate of taxes this year than prior to the pandemic, revealed the company’s chief financial officer Murray Auchinloss. He told investors the energy giant’s tax rate had fallen courtesy of strong results from its refineries and traders. The FTSE 100 company forecasts its global underlying effective tax rate this year to be around 35 per cent. This compares favourably with tax rates of 36 per cent in 2019 and 38 per cent in 2017 and 2018. Auchniloss reported a 30 per cent tax rate “give or take” for the first six months of the year, and a higher 40 per cent ra…

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