German Federal Ministry of Finance is preparing to impose tax on excess profits of oil and gas companies

23.11.2022, Berlin

The German Federal Ministry of Finance intends to impose a 33 percent tax on the excess profits of oil and gas companies, Die Welt reported on November 23.

Federal Ministry of Finance wants to tax the excess profits of oil and gas companies at a rate of 33 percent. Companies should be taxed additionally on profits earned in 2022 and 2023, which exceed the average profit for the years 2018-2021 by more than 20 percent,” states the text of the published report.

It is noted that the obtained funds will be used to support reduction of the power supply price in the country. Ministry officials expect that the measure will bring more than ten billion euros to the budget.

Source: Rossa Primavera News Agency

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