ALERT: Oil: 5 European countries want to relaunch the tax on superprofits, but not France – Eco Info
New information reveals that the following story has emerged from the international scene.
To be found in the show Faced with soaring oil prices, five European countries are asking the European Union to tax the superprofits of energy companies. A politically strong response, but whose effectiveness remains widely contested. Pressure is mounting on oil companies. In a letter addressed to the European Commission, five states – Spain, Germany, Italy, Portugal and Austria – call for taxation of superprofits generated by rising oil prices. At issue: a barrel which exceeds 110 dollars, in a market under tension after the blockage of the Strait of Hormuz. A global outbreak which is also fueling prices at the pump in Europe. According to a Greenpeace study, oil groups have reaped more than 80 million euros in additional profits per day, or more than 2.9 billion euros since the start of the conflict. A tax already tested… and disappointing Taxing these exceptional profits can be symbolically and politically strong, but it is not necessarily effective. In 2022, the European Union had already introduced a contribution of 33% on profits deemed excessive. Result: in France, barely 69 million euros collected, three times less than initial expectations. In question, a limited tax base, tax optimization strategies and numerous exemptions. Faced with these limits, the French government remains cautious and favors, for the moment, investigations into margins rather than new taxation.
Analysis and Perspective:
This development could have far-reaching consequences for global politics in the months ahead.
World leaders are expected to respond to these developments in the coming days.
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Source: This article was originally published in another language by France 24 – Infos, news & actualités – L'information internationale en direct and has been translated and adapted for our global English-speaking audience. Read the original article here.