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EU Countries Urge Tax on Oil Companies Amid High Fuel Prices
(MENAFN) Finance ministers from six European Union countries are renewing calls for a bloc-wide tax on oil companies’ excess profits as consumers and businesses continue to face elevated energy costs.
Germany, Portugal, Spain, Austria, Italy and Poland are pushing for a coordinated EU approach to taxing increased earnings in the oil sector amid the sharp rise in energy prices.
“We are experiencing one of the biggest supply shocks in decades, and around the world, discontent is growing over the rising cost of living,” the ministers said in a letter to Ireland’s finance minister, whose country currently holds the rotating EU Council presidency.
The ministers argue that existing government measures have failed to provide a lasting solution for reducing or stabilizing energy costs for households and companies.
“Therefore, we need a common approach that ensures those who profit from the crisis contribute their share to reducing the burden on the general population,” they said.
They are calling for “an EU-wide framework to tax excess profits,” while urging policymakers to draw on the experience of a similar scheme introduced in 2022.
The ministers say the earlier measure could provide useful lessons for designing a more effective system, particularly when it comes to including profits generated overseas by multinational oil companies in the calculation of excess-profit taxation.
Germany, Portugal, Spain, Austria, Italy and Poland are pushing for a coordinated EU approach to taxing increased earnings in the oil sector amid the sharp rise in energy prices.
“We are experiencing one of the biggest supply shocks in decades, and around the world, discontent is growing over the rising cost of living,” the ministers said in a letter to Ireland’s finance minister, whose country currently holds the rotating EU Council presidency.
The ministers argue that existing government measures have failed to provide a lasting solution for reducing or stabilizing energy costs for households and companies.
“Therefore, we need a common approach that ensures those who profit from the crisis contribute their share to reducing the burden on the general population,” they said.
They are calling for “an EU-wide framework to tax excess profits,” while urging policymakers to draw on the experience of a similar scheme introduced in 2022.
The ministers say the earlier measure could provide useful lessons for designing a more effective system, particularly when it comes to including profits generated overseas by multinational oil companies in the calculation of excess-profit taxation.
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