Commons Sense

House of Commons · Ministers' Questions

UN Framework Convention on International Tax Co-operation: Global Taxes

Tuesday 24 March 2026 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Ministerial discussions with the Chancellor of the Exchequer on global taxes for oil and gas companies are a matter for the Treasury.
  • The UN framework convention on international tax co-operation aims to improve effective and inclusive international tax co-operation.
  • The UK's windfall tax has raised 12 billion, funding public services and supporting constituents with the cost of living.

Topics (select to filter)

Questions & Answers

Q1 Iqbal Mohamed Ind Dewsbury and Batley
Economy Taxation
Context

The UN is proposing a framework convention for international tax cooperation, but there's no specific mention of global taxes on oil and gas companies.

Question

Whether he has had discussions with the Chancellor of the Exchequer on global taxes on oil and gas companies in the context of the proposed UN framework convention on international tax co-operation.

Answer from Michael Shanks

This is a matter for the Treasury, although we remain closely engaged. The UN framework convention is focused on improving effective and inclusive international tax co-operation, not on creating specific global taxes on oil and gas companies.

Partly answered

Not addressed: specific global taxes on oil and gas companies

How: This Is A Matter For The Treasury

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Q2 Iqbal Mohamed Ind Dewsbury and Batley
Taxation Energy
Context

The market value of major oil companies has increased by over $130 billion since the US-Israeli attack on Iran, while constituents face higher energy bills.

Question

The combined market value of the six big oil super-majors has soared by more than $130 billion since the first US-Israeli attack on Iran, while my constituents and those across the country face higher bills. Will the Energy Secretary and the Government work with international partners to establish global taxes on the fossil fuel industry through the UN tax convention and help bill payers with their energy costs?

Answer from Michael Shanks

As I said, this is a matter for the Treasury, but we look closely at where we can co-operate around the world. This country's windfall tax has raised £12 billion, funding public services and supporting the hon. Gentleman's constituents and many others with the cost of living. We will continue to invest in bringing down bills, but we will also invest in the infrastructure that gets us off fossil fuels.

Partly answered

Not addressed: global taxes on the fossil fuel industry through the UN tax convention

How: As I Said, This Is A Matter For The Treasury

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