One-off tax to target ‘surplus’ oil, gas, coal profits in 2022 Minimum excess tax rate of 33% proposed EU oil industry flags concern over tax calculation The European Commission proposed Sept. 14 a temporary tax on the ‘surplus profits’ of the trade bloc’s fossil fuel producers to help offset soaring power and gas bills in the region in the wake of Russia’s war on Ukraine. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Under the proposal, a “solidarity contribution” on excess profits generated from activities in the oil, gas, coal and refinery sectors will be applied for one year after entering into force with a review by Oct. 15, 2023, the commission said. The levy will be collected on 2022 profits which are at least 20% above the average profits of the previous three years, charged at a rate of at least […]