Crude oil: Klingbeil launches new push for windfall profit tax on oil companies
The finance minister is calling for mineral oil companies to pay windfall profits in a letter to the EU Council Presidency. The idea is controversial within the federal government.
German Finance Minister Lars Klingbeil and five European colleagues are calling for an EU-wide windfall tax on oil companies' profits. In a letter to Ireland's finance minister, they argue that the tax is needed due to the significant increase in profits caused by the Iran war and rising fuel prices. The ministers, from Portugal, Spain, Austria, Italy, Poland, and Germany, say that current measures have not been enough to lower prices for companies and citizens.
They are seeking a joint EU approach to ensure that those benefiting from the crisis contribute to reducing the burden on the general population.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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