EU will propose to States to tax the excess profits of oil companies | Photo credits: Total
PARIS (Agefi-Dow Jones)–The European Commission is expected this week to propose to member states of the European Union (EU) the establishment of a “solidarity contribution” on the profits of European oil, gas and and coal, reports Reuters.
This exceptional contribution would target the “unexpected excess profits” made by these companies in 2022 due to the surge in gas prices, and could be subject to adoption by a reinforced majority of member states, adds the agency, which quotes a document of work.
Contacted by the Agefi-Dow Jones agency, a spokesperson for the European Commission was unable to comment immediately.
EU energy ministers on Friday asked the European Commission to submit proposals to them by mid-September to cushion the shock of a Russian gas supply cut and avoid a soaring household and business bills.
-Francois Schott, Agefi-Dow Jones; +33 (0)1 41 27 47 92; [email protected] ed: LBO
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September 12, 2022 11:26 ET (15:26 GMT)