why the tax on oil corporations' superprofits introduced in so little | EUROtoday

Get real time updates directly on you device, subscribe now.

The Donges refinery (Loire-Atlantique), September 8, 2023.

Taxing annuities “of situation”these of “companies that make profit and profits through inflation”. If the Prime Minister, Gabriel Attal, relaunched this concept for the 2025 price range, expertise has proven that it may be extremely disappointing.

The distinctive contributions imagined by the federal government within the fall of 2022 to impose the “superprofits” of vitality corporations, oil teams and refiners, introduced in a lot, a lot lower than anticipated in 2023. Thus, the contribution utilized to vitality corporations – referred to as “CRIM » – brought in only 600 million euros, compared to more than 12 billion expected by Bercy, or around twenty times less. And it is three times less for the tax on the superprofits of oil groups – around 69 million euros, compared to 200 million expected by Bercy –, according to a note from the Institute of Public Policies (IPP), published Thursday May 30 .

Why such a gap? The IPP looked at the case of oil groups – the institute itself had carried out a much higher evaluation than that of Bercy, estimating, in the fall of 2022, that this system could bring in up to 6 billion euros, after having had access to data from the tax administration.

Read also: Where does the notion of “superprofit” come from and what does it actually imply?

This distinctive contribution put in place by the chief in its 2023 price range focused refining and extractive industries (oil, gasoline, coal), and broadly reproduced a European regulation. It briefly taxed these corporations, as much as 33% of their income after they exceeded 20% of the common for the years 2018-2021. The Minister of the Economy, Bruno Le Maire, admitted that it will not deliver ” not much “. Bercy then even revised downwards its forecasts, based mostly on firm declarations, decreasing them from 200 million to 100 million euros.

Eighteen months later, the controversy on the figures is closed: none of those contributions have stored their guarantees. Laurent Bach, economist for the IPP and professor of finance at Essec, places ahead a number of explanations for the oil sector. The corporations focused have been initially fewer than anticipated. According to the be aware, 280 “legal units” (an organization can have a number of) ought to have been involved, representing a manufacturing quantity of 61 billion euros. Gold “a few dozen companies, representing 72% of superprofits in 2022” weren’t submitted to the contribution.

France, “a center of costs rather than profits”

You have 59.1% of this text left to learn. The relaxation is reserved for subscribers.