UK watchdog sees corporation tax receipts below forecast

LONDON (Reuters) - Britain's government is likely to face a further shortfall in corporation tax in the current fiscal year as the weak economy hurt profits and falling oil and gas production hits revenue from the energy sector, its budget watchdog warned on Tuesday.

"Overall, there continues to be significant uncertainty around the prospects for full year borrowing," the Office for Budget Responsibility said in its commentary on the monthly borrowing figures.

"While it looks likely that corporation tax receipts will fall short of our March forecast, the other main receipts streams remain closer to forecast," it said.

(Reporting by Sven Egenter)

Source: http://news.yahoo.com/uk-watchdog-sees-corporation-tax-receipts-below-forecast-115846228--business.html

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