Six European Union member states have called for talks on a tax targeting oil companies that benefited from recent energy disruptions. According to BlockBeats, the finance ministers of Germany, Spain, Portugal, Italy, Poland, and Austria jointly sent a letter to Ireland, the current holder of the rotating EU presidency. In the letter, they urged EU member states to discuss a mechanism at the bloc’s finance ministers’ meeting in September. The proposed measure would apply to oil companies that earned what the ministers described as “windfall” profits linked to the blockade of the Strait of Hormuz and the resulting shock to energy supplies. The report did not disclose further details on the structure of the mechanism or the tax rate under discussion.
Six European Union member states are calling for a tax on oil companies that booked “windfall” profits tied to recent energy supply disruptions, according to BlockBeats.
On Aug. 24, the outlet reported that the finance ministers of Germany, Spain, Portugal, Italy, Poland, and Austria had jointly written to Ireland, the current holder of the rotating EU presidency. They asked EU member states to discuss a mechanism at the EU finance ministers’ meeting scheduled for September.
The proposed mechanism would target oil companies that benefited from “windfall” profits resulting from the blockade of the Strait of Hormuz and the shock to energy supplies.
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