Six EU countries urge windfall tax on energy firms as profits soar due to Iran war
Six EU countries urge windfall tax on energy firms as profits soar due to Iran war Six European Countries are stepping up calls for a bloc-wide windfall tax on oil companies as profits soar due to the Middle East war, according to a letter seen by AFP. The finance ministers of Germany, Italy, Austria, Poland and Portugal, along with Spain's economy minister, sent the joint letter to the finance…
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.
