Dombrovskis: Windfall taxes are possible; assessing a coordinated EU approach

Brussels – “On the issue of the windfall tax, seven Member States have called on the Commission to introduce this measure, and we ourselves had proposed it during the previous energy crisis. Strictly speaking, nothing prevents Member States from applying this tax, as direct taxation falls largely within their remit. We are assessing whether to adopt some form of a more coordinated approach at the European level; the assessment is ongoing.” This was stated by EU Commissioner for the Economy Valdis Dombrovskis during a hearing before the European Parliament’s Committee on Economic Affairs.

The Five Star Movement expresses satisfaction. “We welcome the openness to a windfall tax on energy and oil companies,” said Pasquale Tridico, the Five Star Movement’s head of delegation to the European Parliament, in a statement. However, he adds, “it is time to speed things up: the markets and speculation are moving much faster than politics, and we would not want to end up with a belated and watered-down compromise in the face of billions of euros in extra revenue generated as a result of the war in Iran. This European tax could be introduced as a solidarity contribution to be redistributed to families and businesses who are paying the heaviest price for this war.”

In collaboration with Gea.