Six EU countries push for windfall tax on oil companies amid surging war profits
Citing surging profits amid the Middle East war, six EU countries, including Germany and Italy, want finance ministers to discuss the levy at next month’s meeting in Dublin.
Six European countries are calling for a windfall tax on oil companies due to surging profits amid the Middle East war. According to Middle East Eye, the countries are Germany, Italy, Austria, Poland, Portugal, and Spain. They have sent a joint letter to Ireland's finance minister, who holds the current EU presidency, urging finance ministers to discuss the levy at their next meeting.
The letter, seen by AFP, states that oil companies are enjoying high profitability and margins on refined products, which exceed the rise in crude oil prices. The countries argue that the current situation is causing a significant supply shock and growing discontent about the rising cost of living.
Euronews reports that the six EU countries want finance ministers to discuss the windfall tax at next month's meeting in Dublin.
Brief written by urgent.news from Euronews, Middle East Eye — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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