Antônio Cotrim / LUSA
The Minister of State and Finance, Joaquim Miranda Sarmento
The measure will be similar to the fee charged by António Costa’s Government in 2022. It is not yet known what the percentage will be.
The European Commission decided not to move forward with a common proposal to tax the extraordinary profits of energy companies, contradicting the position defended by several countries, including Portugal and Germany. Even so, the Portuguese Government announced that will move forward with a solution at national levelresuming and adjusting the model applied during the 2022 energy crisis.
The Minister of Finance, Joaquim Miranda Sarmento, confirmed that the executive is preparing a new proposal to present to Parliament. “The Commission came to say that it is a decision for each Member State, therefore we let’s take the measurements of 2022calibrate them, improve them and present a proposal”, he said. The governor highlighted that it is still premature to define the rate or estimate the revenue to be collected.
According to Miranda Sarmento, “it is not a question of raising millions”, but of adjusting the response to the current reality. “The crisis today is different from that of 2022. We are still far from the inflation levels of that time”, he explained, pointing out that the main pressure is now concentrated on the price of fuel, and not so much on the set of goods and services.
Previous experience left results below expectations. The Government led by António Costa predicted raise between 50 and 100 million euros with the tax on extraordinary profits, but the values were well below. In the distribution sector, revenue did not exceed eight million euros, while in energy only one company reported significant payments.
In 2022, Luís Montenegro classified this tax as “demagogic” and “popular”, arguing that companies were already bearing a high tax burden. Asked about the Government’s change in position, the Minister of Finance explained the new economic framework: “The context today is very different” and “the tax burden is lower than it was then”, he highlighted.
At European level, the Commission considers that a common approach is not justified for now. Still, Portugal defends coordination between countries that choose to move forward with similar measures.
