author_orbitax
Orbitax

Share This Article

EU to Introduce Temporary Solidarity Contribution on Surplus Profits of Companies in the Oil, Gas, Coal, and Refinery Sectors

15 September 2022

|

Proposed Changes

|

European Union

The European Commission has announced proposals for emergency intervention in Europe's energy markets to tackle recent dramatic price rises. Among other things, this includes a temporary solidarity contrition on the surplus profits of companies in the oil, gas, coal, and refinery sectors. The solidarity contribution will be imposed at a rate of at least 33% on 2022 profits that exceed a 20% increase on the average profits of the previous three years. Further details on the solidarity contribution are provided in a Q&A on the emergency intervention as follows: --- 6. How will the solidarity contribution by fossil fuel companies...