Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

UN wants to impose profits taxes on oil and gas companies

Marian RomainebyMarian Romaine
August 4, 2022
in News
0
UN wants to impose profits taxes on oil and gas companies
Share on FacebookShare on TwitterShare on Whatsapp

The Secretary General of the United Nations, Antonio Guterres, has issued a demand that oil and gas companies pay higher taxes. His comments come at a time when industrial profits have reached all-time highs as a direct result of the increased cost of energy that has been caused by the situation in Ukraine. Mr. Guterres thinks that it is “immoral” for firms to profit from the crisis in any way, shape, or form. As a result of Russia’s invasion of Ukraine in February, the global shortage of oil and gas has worsened. Therefore, access to oil and gas from Russia, a major source, has been blocked, which has led to an increase in prices.

While consumers face challenges due to rising energy prices, companies are seeing financial gains. While Shell’s profits from April through June established a new record, BP just reported its highest profit in 14 years, which it did just recently. The four major energy firms, Exxon, Chevron, Shell, and TotalEnergies, made a combined profit of around $51 billion in the most recent quarter, which is nearly twice as much as they made during the same period the previous year.

According to Mr. Guterres, those who are the least fortunate and most susceptible to harm are the ones who are being punished by this merciless avarice, which is also destroying our shared home. He asked all governments to impose a tax on individuals’ excessive earnings so that they can assist the most helpless people in getting through this difficult moment. A “windfall tax” of 25 percent was imposed on energy corporations by the United Kingdom last month. The government anticipates that this one-time levy will bring in approximately £25 billion, which will go toward mitigating the impact of rising energy prices on households.

Other countries, like Italy, have also implemented legislation that is quite similar to these. In spite of this, and even though certain members of Congress in the United States have proposed a windfall tax, French legislators have recently opposed such a move. As people and governments all around the world began to break under the burden of high energy costs, Mr. Guterres issued a warning that these consequences would have far-reaching repercussions.

According to what he indicated, many developing countries could be on the verge of collapse because they are fighting a losing battle to recover from the COVID-19 pandemic, are awash in debt, and do not have access to funding.

 “We are already seeing the warning signs of a wave of economic, social, and political upheaval that would leave no country untouched.”

Tags: Antonio GuterresCompaniesimposeoil and gasprofits taxesRussiashortagesukraineUnited nationswar
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

Related Posts

How Did the Manchester Synagogue Attack Unfold? A Minute-by-Minute Timeline
News

How Did the Manchester Synagogue Attack Unfold? A Minute-by-Minute Timeline

October 2, 2025
What Does a 'State of Calamity' Mean for the Philippine Province Struck by Earthquake?
News

What Does a ‘State of Calamity’ Mean for the Philippine Province Struck by Earthquake?

October 1, 2025
Is Morocco the Next Nepal? Inside the Gen Z Protests Shaking the Kingdom
News

Is Morocco the Next Nepal? Inside the Gen Z Protests Shaking the Kingdom

October 1, 2025
Next Post
Is Brittney Griner Guilty or Plain Stupid?

Is Brittney Griner Guilty or Plain Stupid?

Secondary School Teen Commits Suicide Over Failure to Pass Exam in Kwara State

Secondary School Teen Commits Suicide Over Failure to Pass Exam in Kwara State

Nancy Isime Bags First Bollywood Role.

Nancy Isime Bags First Bollywood Role.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Weighing Veekee James, King Corset and the Fashion Copying Dilemma 

Weighing Veekee James, King Corset and the Fashion Copying Dilemma 

5 months ago
Tragedy Strikes: Over 60 Lives Lost At Religious Gathering in Northern India

Tragedy Strikes: Over 60 Lives Lost At Religious Gathering in Northern India

1 year ago
Libyan Central Bank Standoff Intensifies As Governor Refuses To Resign

Libyan Central Bank Standoff Intensifies As Governor Refuses To Resign

1 year ago
VeryDarkMan Accuses Nedu Of Embezzling N60M Scholarship Funds

VeryDarkMan Accuses Nedu Of Embezzling N60M Scholarship Funds

7 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

BBNaija S10: Here’s Why Fans Are Demanding Faith’s Disqualification

Supreme Court or Nothing: Rivers Emergency Suit Thrown Out

NARD Sounds Alarm as Malnutrition Wipes Out Nigeria’s Next Generation

Investors Dumped U.S. Assets Overnight As Government Shutdown

Trending

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

byEriki Joan Ugunushe
October 3, 2025
0

The Nigerian Naira has been dealt yet another humiliating blow in the black market, as foreign currencies—particularly...

Oba Ewuare II Dismisses Iyaloja Role In Benin

Oba Ewuare II Dismisses Iyaloja Role In Benin

October 2, 2025
Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

October 2, 2025
Is Britain's Fight Against Antisemitism Failing After Manchester Synagogue Attack

Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

October 2, 2025
Is China's New 'K Visa' a Direct Challenge to the US H-1B Program?

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

October 2, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
  • Oba Ewuare II Dismisses Iyaloja Role In Benin
  • Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com