Latest news and stories about energy tax in finance in Portugal for expats and residents.
Pedro Costa, a commentator for CNN Portugal, believes that the request from five European Union countries, which want a tax on the extraordinary profits of energy companies, “makes perfect sense.”
Finance Minister Joaquim Miranda Sarmento has joined counterparts from Germany, Italy, Spain, and Austria in a formal request to the European Commission for a new tax on extraordinary profits of energy companies. The ministers argue this measure would ensure unity and address the impact of rising fuel prices linked to the ongoing conflict in the Middle East. The proposal mirrors similar European regulations implemented during the 2022 energy crisis.
Update: Portugal joins five-nation push for energy windfall tax
Finance ministers from Portugal, Germany, Italy, Spain, and Austria sent a formal letter to European Commissioner for Climate Action Wopke Hoekstra on April 3. The group argues that energy companies benefiting from market volatility caused by the conflict in Iran should contribute to easing the financial burden on the public.
Joaquim Miranda Sarmento is Portugal's Finance Minister in the AD government led by Luís Montenegro. An economist and professor at ISEG (Lisbon School of Economics & Management), he served as PSD parliamentary group leader before joining the government.
As Finance Minister, he oversees the state budget, tax policy, public debt management, and fiscal relations with the EU. His decisions on tax brackets, IRS withholding tables, housing incentives, and public spending directly affect residents' cost of living and investment climate.
The European Commission is the EU’s executive body based in Brussels that proposes legislation, enforces EU rules and manages day‑to‑day EU policies; it is led by a President, currently Ursula von der Leyen. Commission proposals on harmonising business rules or introducing preferences can directly affect trade, regulation and competitiveness for companies and residents across all member states, including Portugal.
The European Commission is reviewing a joint request from Portugal, Germany, Spain, Italy, and Austria to implement a windfall tax on energy company profits, acknowledging the proposal while distinguishing current market conditions from the 2022 energy crisis.
An overview of the government's proposal to implement a windfall tax on energy companies, including background context and public response.
The Portuguese government plans to implement a windfall tax on the excess profits generated by energy firms.
The European Commission gave its approval this Wednesday to the proposal from Portugal and four other countries to apply a temporary tax on the extraordinary profits of energy companies. Brussels' position, however, is that the measure is an exclusive decision for the Member States. 'Member States may also adopt taxation measures on extraordinary profits...'
Portugal joins other nations in supporting the implementation of a new levy on energy sector profits across the European Union.
The European Commission has already given political signals of openness to the creation of a windfall tax on energy companies, Finance Minister Joaquim Miranda Sarmento revealed this Tuesday. Despite this, the minister admits that formal authorisation has not yet been granted and that the final design of the measure will depend on its modelling. “We have asked...
The European Commissioner for Economy stated that potential taxes on windfall profits from energy companies, as requested by Portugal, could generate additional revenue, while warning of deep economic uncertainty due to the conflict in the Middle East. The Commission is currently reviewing a request from the Portuguese Finance Minister and his counterparts from Germany, Spain, Italy, and Austria to create an EU-wide tax on energy windfall profits, similar to 2022 crisis measures. Commissioner Valdis Dombrovskis noted that while energy tax relief can provide immediate benefits, it must be balanced against long-term goals and fiscal costs. The Commission will provide a detailed assessment of the macroeconomic impact of the conflict in the upcoming European Semester spring cycle.
“We are looking into whether we can come up with some kind of more coordinated approach at the European level," says economy czar Valdis Dombrovskis.
Finance Minister Miranda Sarmento wants a new EU tax on windfall energy profits. After the mediocre experience of 2022, are we looking at a case of justice or populism?
In the midst of an energy crisis, with oil prices reacting to instability in the Middle East, Portugal has signed a joint letter with Spain, Germany, Italy, and Austria asking the European Commission for a new tax on energy company profits. The letter, dated April 3rd and addressed to Commissioner Wopke Hoekstra, requests...
The Commission is working in close cooperation with member states on potential targeted policy measures in response to the current energy crisis facing Europe.
The European Commission stated this Monday that it is analysing the request from Portugal, Germany, Spain, Italy, and Austria to create a tax on the windfall profits of energy companies, while noting that the situation differs from the 2022 energy crisis. “We have received the letter. We are currently analysing it and will respond in due course,” says an official source from...
Home News Portugal wants to apply a tax on extraordinary profits of energy companies Portugal wants to apply a tax on extraordinary profits of energy companies The Portuguese Minister of Finance and his counterparts from Germany, Spain, Italy and Austria have asked Brussels to create a tax on the
Miranda Sarmento and four European Union ministers proposed taxing energy companies with extraordinary profits. Additionally, 13 people died during the GNR and PSP Easter Operation.
The Iranian Revolutionary Guard stated this Saturday that it attacked an Israel-linked ship in the Strait of Hormuz with a drone. Five EU Finance Ministers, including Portugal's, have called for a tax on the windfall profits of energy companies. We are following all developments here, minute by minute.
Iran authorised this Saturday the passage of ships carrying essential goods to Iranian ports through the Strait of Hormuz. Five EU Finance Ministers, including Portugal's, have called for a tax on the windfall profits of energy companies. We are following all developments here, minute by minute.
Miranda Sarmento and four European Union ministers proposed taxing energy companies with extraordinary profits. Additionally, 13 people died during the GNR and PSP Easter Operation.
Access remains blocked for oil transport. Miranda Sarmento calls for a windfall tax on energy sector companies. The price of the food basket has never been higher.
The Portuguese Finance Minister and his counterparts from Germany, Spain, Italy, and Austria have asked Brussels to create a tax on the windfall profits of energy companies, similar to measures used to contain the 2022 energy crisis. The request was made in a joint letter signed by Joaquim Miranda Sarmento and the federal ministers of...
Five EU finance ministers, including Portugal's, have called for a tax on the windfall profits of energy sector companies. The military operation 'Epic Fury' against Iran has so far resulted in 13 US service members killed and 365 wounded, the Pentagon revealed. We are following all developments here, minute by minute.
The Portuguese Minister of Finance joined his counterparts from Spain, Italy, and Austria in signing a letter to the European Commission. The government guarantees that Portugal will follow the political transition in Venezuela.
The prices in this article already take into account the temporary tax measures
The Government is exploring the best way to eliminate a tax that has been imposed on electricity producers since 2013, known as clawback, as indicated by the Minister of Environment and Energy, Maria da Graça Carvalho. “Very soon, the best way to abolish the balancing mechanism will also be brought to the Council of Ministers...”
