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Germany Eyes 33% Tax On Oil, Gas, Coal Revenues

OIL

The German government plans to introduce a 33% windfall tax on profits made by coal, oil and gas companies, the finance ministry told Reuters.

  • The tax is eyed to be implemented at the end 2022.
  • The new levy would affect oil, coal and gas companies and refineries whose profits for this and next year exceed by 20% or more their 2018-2021 average.
  • This tax will be separate to the electricity profit windfall tax from retroactive to 1 June.
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The German government plans to introduce a 33% windfall tax on profits made by coal, oil and gas companies, the finance ministry told Reuters.

  • The tax is eyed to be implemented at the end 2022.
  • The new levy would affect oil, coal and gas companies and refineries whose profits for this and next year exceed by 20% or more their 2018-2021 average.
  • This tax will be separate to the electricity profit windfall tax from retroactive to 1 June.