US EditionFive EU finance ministers call for tax on energy companies' windfall profits: Reuters
The ministers said the levy could fund temporary consumer relief and help curb inflation without adding pressure to public budgets.
- On Friday, finance ministers from Germany, Italy, Spain, Portugal, and Austria urged the European Commission to implement an EU-wide windfall tax on energy companies, citing rising fuel prices.
- European gas prices have surged more than 70% since US-Israeli strikes on Iran began Feb 28, leaving Europe exposed to Middle East conflict impacts on global energy markets.
- Writing to Climate Commissioner Wopke Hoekstra, the ministers referenced 2022 emergency measures and stated a new instrument would signal that "we stand united and are able to take action."
- EU Energy Commissioner Dan Jorgensen said on Tuesday that Brussels is considering reviving 2022 energy crisis measures while assessing risks to refined petroleum supplies like diesel and jet fuel.
- Although requesting action, the ministers' letter provided no specifics regarding tax levels or target companies, leaving the European Commission to determine the scope of any EU-wide contribution instrument.
130 Articles
130 Articles
Five European finance ministers want to impose a new tax on energy companies.
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The European Commission should introduce a temporary tax on the profits made by energy companies now that energy prices due to the Iran war…
In view of high fuel prices, Germany and four other European countries have asked the EU to consider an over-profit tax for oil companies. A letter to EU Climate Commissioner Hoekstra states that the tax should not replace the individual states' measures, but should complement them.
Fuel prices rise: five EU countries call for the introduction of a tax on the exceptional profits of energy companies.
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