Milan, Aug. 22 (LaPresse) – Six European countries, including Italy, are calling for the introduction of a tax on the windfall profits of oil companies, in light of the fact that fuel prices have risen significantly following the war in Iran, resulting in higher profits for the companies. Tagesschau reports this, explaining that the countries making the request are Germany, Italy, Portugal, Spain, Austria and Poland. The newspaper reports that German Finance Minister Lars Klingbeil, together with five European counterparts, sent a letter to the Irish Finance Minister, whose country currently holds the rotating presidency of the EU, stating that “we must address the problem of high energy prices by discussing an EU-level regulatory framework for the taxation of extraordinary profits.” “We are experiencing one of the most serious supply shocks in decades, and discontent over the rising cost of living is growing worldwide,” reads the letter cited by Tagesschau, which adds that the measures adopted so far at national level are not sufficient to reduce or durably stabilize prices and “for this reason we need joint action to ensure that those who profit from the crisis contribute to reducing the burden on the population as a whole.” According to Spiegel, the letter was reportedly drafted at Klingbeil’s initiative. The request is for the issue of a windfall profits tax to be put on the agenda of a meeting of EU economy and finance ministers to be held in mid-September in Dublin.
EU, media: Italy and 5 countries call for tax on oil companies’ windfall profits
Milan, Aug. 22 (LaPresse) – Six European countries, including Italy, are calling for the introduction of a tax on the windfall profits of oil companies, in light of the fact that fuel prices have risen significantly following the war in Iran, resulting in higher profits for the companies. Tagesschau reports this, explaining that the countries making the request are Germany, Italy, Portugal, Spain, Austria and Poland. The newspaper reports that German Finance Minister Lars Klingbeil, together with five European counterparts, sent a letter to the Irish Finance Minister, whose country currently holds the rotating presidency of the EU, stating that “we must address the problem of high energy prices by discussing an EU-level regulatory framework for the taxation of extraordinary profits.” “We are experiencing one of the most serious supply shocks in decades, and discontent over the rising cost of living is growing worldwide,” reads the letter cited by Tagesschau, which adds that the measures adopted so far at national level are not sufficient to reduce or durably stabilize prices and “for this reason we need joint action to ensure that those who profit from the crisis contribute to reducing the burden on the population as a whole.” According to Spiegel, the letter was reportedly drafted at Klingbeil’s initiative. The request is for the issue of a windfall profits tax to be put on the agenda of a meeting of EU economy and finance ministers to be held in mid-September in Dublin.