Finance: Energy tax news in Portugal

Ireland admits new EU debate requested by Portugal on oil company taxation

The Irish government acknowledges that Portugal has requested a new discussion within the European Union regarding the taxation of oil companies.

"Special tax" and "fiscal yo-yo" on oil companies' windfall profits is "unsustainable"

Nuno Ribeiro da Silva, an energy expert, analyses the proposal to create a tariff on the windfall profits of energy companies.

Taxes on extraordinary profits of energy companies "are more to appease the public"

Pedro Lino, a market analyst, comments on Brussels' refusal to create a tax on extraordinary profits.

The Portuguese government is trying to involve the European Commission to share or avoid the political cost of a populist measure

António Costa, a commentator for CNN Portugal, discusses the request from the Portuguese government and other countries for the European Commission to create an extraordinary tax on the profits of energy companies.

Six EU countries want tax on oil company profits

Six European Union member states are calling for a tax on the windfall profits of oil companies.

Euronews.com23 Aug

Government creates contribution on extraordinary profits of oil companies

The Council of Ministers has approved a Temporary Solidarity Contribution on the oil sector, targeting crude oil and refining companies. This exceptional measure will tax profits that significantly exceed the average of previous years, following extraordinary gains from rising fuel prices. Revenue will fund measures to mitigate the impact of fuel costs on vulnerable families and businesses, as well as investments to reduce fossil fuel dependency. The Portuguese Finance Minister and his counterparts from Germany, Spain, Italy, and Austria have requested that the European Commission develop a similar instrument to the 2022 windfall tax to help manage market distortions and inflation without straining public budgets.

Galp pays €36 million for windfall profits... but not in Portugal

The energy company Galp is paying a windfall tax of €36 million, however, this payment does not apply to its operations in Portugal.

Government drawing up bill to tax energy company windfall profits – PM

Prime minister Luís Montenegro has stated in parliament that the government is drawing up a bill to introduce taxes on windfall profits made by energy companies (as announced in May), The post Government drawing up bill to tax energy company windfall profits – PM appeared first on Portugal Resident.

Government wants to tax 'extra' energy profits. Everything you need to know about the plan, the history, and the reactions

An overview of the government's proposal to implement a windfall tax on energy companies, including background context and public response.

Portugal to tax energy windfall profits, as in 2022

energynews.pro6 May

Portugal Set to Propose New Windfall Tax on Energy Firms

Bloomberg.com5 May

Portugal to move forward with taxes on extraordinary profits of energy companies

The Portuguese government plans to implement a windfall tax on the excess profits generated by energy firms.

Pplware5 May

Brussels gives 'green light' to tax on extraordinary profits of energy companies

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 among countries advocating for a new tax on energy profits in the EU

Portugal joins other nations in supporting the implementation of a new levy on energy sector profits across the European Union.

jornaleconomico.sapo.pt17 Apr

Brussels “has already signalled it will authorise” windfall tax on energy companies

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...

European Commission sees revenue potential in taxes on energy profits

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.

Brussels backs windfall tax on big firms to ease pain from energy crisis

“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.

Windfall profits: justice or illusion? — Debate

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?

The energy tax is the Groundhog Day of fiscal policy

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...

Brussels analyses Portuguese request for windfall tax on energy companies

The Commission is working in close cooperation with member states on potential targeted policy measures in response to the current energy crisis facing Europe.

Brussels analyses Portuguese request for windfall tax on energy companies

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...

Portugal wants to apply a tax on extraordinary profits of energy companies

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

2h. DECO says it is difficult to implement Sarmento's proposal

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.

Iran's Revolutionary Guard claims to have attacked an Israel-linked ship in the Strait of Hormuz

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 authorises passage of ships with essential goods to its ports through the Strait of Hormuz

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.

2 PM. DECO says it is difficult to implement Sarmento's proposal

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.

1 p.m. Iran opens Strait of Hormuz for essential goods

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.