Oil: 5 European nations need to relaunch the tax on superprofits, however not France – Eco Info | EUROtoday

To be discovered within the present

Pressure is mounting on oil firms. In a letter addressed to the European Commission, 5 states – Spain, Germany, Italy, Portugal and Austria – name for taxation of superprofits generated by rising oil costs. At challenge: a barrel which exceeds 110 {dollars}, in a market below pressure after the blockage of the Strait of Hormuz. A world outbreak which can be fueling costs on the pump in Europe.

According to a Greenpeace examine, oil teams have reaped greater than 80 million euros in further earnings per day, or greater than 2.9 billion euros because the begin of the battle.

A tax already examined… and disappointing

Taxing these windfall earnings could be symbolically and politically robust, however it isn’t essentially efficient. In 2022, the European Union had already launched a contribution of 33% on earnings deemed extreme.

Result: in France, barely 69 million euros collected, thrice lower than preliminary expectations. In query, a restricted tax base, tax optimization methods and quite a few exemptions. Faced with these limits, the French authorities stays cautious and favors, for the second, investigations into margins relatively than new taxation.