1554-A-MINUTE TAX
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A T the present rate of consumption,
f554 per minute is being paid in tax to the Exchequer on motor and aviation fuels. During the current financial year this tax is estimated to provide £300m.
Mr. A. L. King, a general manager of Shell-Mex and B.P., Ltd., who presided over a discussion on oil taxation at the Institute of Petroleum last week, said that 64 per cent. of the total sum paid by consumers of such fuels went to the Exchequer, leaving 36 per cent. to be devoted to meeting the cost of oil exploration, drilling, production, refining, transport, distribution and marketing, Mr. King, in summing up the discussion, said that they were convinced that the present level of taxation was seriously impeding progress in the oil industry and the great contribution which the industry could make to the national well-being.