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Bermuda is on its way to introducing a tax on oil imported via the docks of the historic town of St George's.
The tax will be used to raise funds to protect the town's UNESCO World Heritage site status. It was approved by Bermuda's MPs on October 03.
The details of the tax, including the date of its implementation and whether it can be passed on to consumers, have not yet been confirmed.
David Rose, CEO of RUBiS Energy Bermuda, said of the tax: "We can't absorb any more costs in this financial climate. We as oil companies simply cannot pass on a tax. It's the Ministry of Finance which allows for any new tax being recouped."
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