The Ministers of Economy of Spain, Germany, Italy, Austria and Portugal have formally requested the European Commission to create a new coordinated tax on the extraordinary profits of energy companies. The proposal seeks to mitigate the economic impact derived from the increase in oil prices following the escalation of war in the Middle East and the conflict with Iran.
In the letter, dated April 3, and to which EL PAÍS/Cinco Días has had access, those responsible for the Finance portfolios of the five European powers urge the Commissioner for Climate, Net Zero and Clean Growth, Wopke Hoekstra, to develop a solid legal framework to tax the unexpected income of the sector. The stated objective is to prevent the cost of the energy crisis from falling exclusively on consumers and the public treasury.
The initiative has the signature of the Spanish Minister of Economy, Commerce and Business, Carlos Body, along with his counterparts Giancarlo Giorgetti (Italy), Joaquim Miranda Sarmento (Portugal), Lars Klingbeil (Germany) and Markus Marterbauer (Austria). The signatories maintain that the current market volatility, driven by geopolitical tensions, has generated distortions that require immediate community intervention.
The document bases the proposal on the precedent of 2022, when the European Union introduced a temporary solidarity contribution to face the price crisis after Russia’s invasion of Ukraine. The ministers argue that the current situation presents technical and fiscal parallels that justify a similar tool, without prejudice to the measures that each Member State adopts individually.
In the text, the ministers emphasize the need to send a message of political unity in the face of the effects of war. “Such a European solution would act as a signal to the citizens of our Member States and to the wider economy, demonstrating that we are united and capable of taking action. It would also send a clear message that those who benefit from the consequences of war must do their part to ease the burden on the general public,” the letter says.
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